LONDON, June 21, 2012 /PRNewswire/ --
Tetragon Financial Group Limited (TFG) is a Guernsey closed-ended investment company traded on the NYSE Euronext in Amsterdam under the ticker symbol "TFG".
In this monthly update, unless otherwise stated, we report on the consolidated business incorporating TFG and Tetragon Financial Group Master Fund Limited. (1)
Net Asset Value Estimates as of May 31 2012
(Amounts provided are unaudited and subject to change)
(in millions except per share data) Estimated Fair Value of Investments: $1,305.9 Cash and Cash Equivalents: $241.4 Net Other Assets/ (Liabilities): $(4.5) Estimated Net Asset Value: $1,542.8 TFG Shares Outstanding: 132.7 Net Asset Value per Share: (2) $13.45 For further information, please contact:
(1) TFG invests substantially all its capital through a master fund, Tetragon Financial Group Master Fund Limited ("TFGMF") in which it holds a 100.0% share.
(2) Excludes 9.5 million shares held in treasury and 8.5 million shares held by a subsidiary.
CLO Equity & Direct Loan Portfolio Composition
CLO Equity & Direct Loan Portfolio Held by Tetragon Financial Group Master Fund Limited
(unless otherwise stated)
As of May 31, 2012
TFG group TFG Net group Market Net TFG Share Cap Assets No. of Closed CLO Report Date Price ($) ($MM)(1) ($MM) Equity Transactions 31 May 2012 $7.20 $825.7 $1,542.8 79 (2) Capital Risk Investment Fair Allocation by Capital Value Asset Class Allocation ($MM)(2,3,4) Broadly Syndicated Senior Secured Loans: US 77.7% $1,000.0 Broadly Syndicated Senior Secured Loans: Europe 8.3% $106.5 Middle Market Senior Secured Loans: US 14.0% $179.9 Total 100.0% $1,286.4 Geographic Allocation by Asset Asia Class USA Europe Pacific Total Broadly Syndicated Senior Secured Loans 90.4% 9.6% 0.0% 100.0% Middle Market Senior Secured Loans 100.0% 0.0% 0.0% 100.0% 91.7% 8.3% 0.0% 100.0%
TOP 10 INDUSTRY Healthcare, Education & Childcare 12.5% Broadcasting & Entertainment 7.6% Diversified/Conglomerate Service 6.9% Telecommunications 6.6% Retail Stores 6.5% Chemicals, Plastics & Rubber 5.2% Electronics 4.2% Automobile 3.7% Personal, Food & Miscellaneous Services 3.5% Finance 3.4%
Top 15 Underlying Bank Loan Bank Loan Credits Exposure (5) Univision Communications 0.94% HCA Inc 0.87% First Data Corp 0.86% Community Health 0.78% Federal-Mogul 0.76% UPC Broadband 0.73% Las Vegas Sands 0.71% Sabre Holdings Corp 0.71% Aramark Corp 0.68% Charter Communications 0.68% Cablevision Systems Corp 0.67% Reynolds Group 0.64% Huntsman ICI 0.57% Asurion Corp 0.57% SunGard Data Systems Inc 0.56%
EUR-USD FX: 1.24 (1) Calculated using TFG shares outstanding (net of 9.5 million shares held in treasury and 8.5 million shares held by a subsidiary) and month end exchange price. (2) Excludes CDO-squared and ABS CDO transactions which were written off in October 2007. TFG continues to hold the economic rights to 3 of these written-off transactions. Excludes TFG's investments in CLO mezzanine tranches. (3) Excludes TFG's investments in LCM Asset Management LLC, GreenOak Real Estate LP and GreenOak related funds or investments, and CLO mezzanine tranches. (4) Equivalent to Investment in Securities at Fair Value in the US GAAP Financial Statements. (5) Includes par amount of loans held directly by TFG and also loan exposures via TFG's CLO equity tranche investments. With respect to CLO equity tranche investments, calculated as a percentage of total corporate loan assets that TFG has exposure to based on its equity-based pro-rata share of each CLO's total portfolio. All calculations are net of any single name CDS hedges held against that credit.
Tetragon Financial Group Limited (TFG)
Monthly Update For May 2012
Expected Upcoming Events Date June 2011 Monthly Report July 31, 2012 (approx.) Q2 Financial Results and Interim Financial Statements July 31, 2012 Q2 Ex-Dividend Date August 01, 2012 Q2 Dividend Record Date August 03, 2012 Quarterly Investor Call August 08, 2012 Q2 Dividend Payment Date August 25, 2012
This release does not contain or constitute an offer to sell or a solicitation of an offer to purchase securities in the United States or any other jurisdiction. The securities of TFG have not been and will not be registered under the US Securities Act of 1933 (the "Securities Act"), as amended, and may not be offered or sold in the United States or to US persons unless they are registered under applicable law or exempt from registration. TFG does not intend to register any portion of its securities in the United States or to conduct a public offer of securities in the United States. In addition, TFG has not been and will not be registered under the US Investment Company Act of 1940, and investors will not be entitled to the benefits of such Act. TFG is registered in the public register of the Netherlands Authority for the Financial Markets under Section 1:107 of the Financial Markets Supervision Act ("FMSA") as a collective investment scheme from a designated country. This release constitutes regulated information ("gereglementeerde informatie") within the meaning of Section 1:1 of the FMSA.
SOURCE Tetragon Financial Group Limited