VPC Specialty Lending Invest. PLC Portfolio Update (6788W)
November 16 2017 - 2:01AM
UK Regulatory
TIDMVSL
RNS Number : 6788W
VPC Specialty Lending Invest. PLC
16 November 2017
November 16, 2017
VPC Specialty Lending Investments PLC
(the "Company")
PORTFOLIO UPDATE
VPC Specialty Lending Investments PLC expands existing
investment in Borro
The Company is pleased to announce that it has expanded its
investment in Borro Ltd in connection with the decision of Victory
Park Capital ('VPC'), the investment manager of the Company, to
take a majority equity stake in Borro -
http://victoryparkcapital.com/2017/nov-16.html.
Through this transaction, the Company will own approximately 49%
of Borro. The remaining 51% of the equity will be held by other
vehicles managed by VPC, along with Borro's senior management team.
The Company will retain its outstanding senior secured debt
position of approximately GBP32 million, which is secured by
Borro's outstanding loan portfolio. To fund the near term working
capital needs of Borro, the Company, alongside VPC's other
vehicles, will provide a senior secured credit facility of up to
$10 million.
Borro Ltd is a leading consumer lender in the UK and US that
offers asset-backed lending secured against luxury assets.
Andrew Adcock, Chairman of VPC Specialty Lending Investments PLC
commented:
"We are supporters of Borro's restructured business, and its new
management team, and therefore we have agreed to expand our
investment in Borro, alongside VPC's other vehicles. We see the
opportunity for our shareholders to benefit from a potential
increase in the value of the equity over the long term, whilst
continuing to make positive returns on our lending to Borro."
The information contained in this announcement is inside
information.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Victory Park Capital
Brendan Carroll (Senior via MHP Communications
Partner and Co-Founder) (below)
Gordon Watson (Partner,
Investment Manager)
Jefferies International Tel: +44 20 7029
Limited 8000
Gary Gould
Andrew Morris
Andrew Davison
MHP Communications Tel: +44 20 3128
8100
Mark Lunn Email: vpc@mhpc.com
Kelsey Traynor
About VPC Specialty Lending Investments PLC:
VPC Specialty Lending Investments PLC invests in opportunities
within the specialty lending market primarily through online
lending platforms. The Company intends to generate an attractive
total return for shareholders consisting of distributable income
and capital growth via investments in a diverse portfolio of
various platforms, asset classes, geographies (primarily U.S.,
U.K., Australia and Europe) and credit bands.
Since 2010, the Company's investment manager, VPC, has been
actively involved in the specialty lending marketplace and has made
more than $5.2 billion of investments and commitments across a
number of financial technology platforms, multiple geographies
(U.S., U.K., Australia and Europe), products (consumer and
business) and structures (whole loans and senior credit
facilities).
Further information on VPC Specialty Lending Investments PLC is
available at: http://vpcspecialtylending.com.
About Borro
Borro launched in 2008 in the UK, and has offices in London, New
York and Los Angeles. It is the leading international online
platform for luxury asset-backed lending and has defined a new
lending category in a market where loans of this type were
underserved. Borro offers loans from $5,000 - $10,000,000 secured
against luxury assets including fine art, antiques, jewelry, luxury
watches, fine wine, prestige and classic cars and other high value
assets.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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