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PACIFIC CURRENT GROUP LIMITED — Capital/Financing Update 2022
Oct 23, 2022
65526_rns_2022-10-23_925e9d4d-b5c3-4f03-9427-f2236d80f104.pdf
Capital/Financing Update
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ASX ANNOUNCEMENT
24 October 2022
US$50M FUNDING FACILITY FOR GROWTH
”) is pleased to announce it has successfully secured a US$50m senior secured debt facility provided by Washington H. Soul Pa�nson (ASX: SOL, “ WHSP ”). The ini�al amount to be drawn down is US$30m.
A summary of the key terms of the facility are set out in Appendix A.
growing pipeline of accre�ve investment opportuni�es. PAC is confident that these investments will enhance FY23 revenues and earnings.
PAC’s capital structure in order to op�mise shareholders returns and efficiently fund growth.
mutually beneficial opportuni�es.
We could not be more excited about securing this credit facility from WHSP. They not only have a great understanding of our business, but they also have the flexibility and desire to collaborate with us on future opportunities. We believe the beginning of a great long-term strategic partnership .”
WHSP’s Dean Price said, “ Paul and the team have built thus far, and we look forward to supporting the company’s growth ambitions ”.
AUTHORISED FOR LODGEMENT BY:
-ENDS-
Suite 3, Level 3, 257 Collins Street, Melbourne VIC 3000 Australia www.paccurrent.com Tel: +61 3 8375 9611
CONTACT
For Investor & Media enquiries:
Paul Greenwood - Managing Director & CEO and CIO
T: (+1) 253 617 7815
ABOUT PACIFIC CURRENT GROUP
to shareholders, investors, and partners. We apply our strategic resources, including capital, ins�tu�onal distribu�on capabili�es and opera�onal exper�se to help our partners excel. As at 24 October 2022, Pacific Current Group has investments in 16 bou�que asset managers globally.
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Appendix A
| Borrower | Pacific Current Group Limited |
|---|---|
| Facility Type | Senior Secured Loan |
| Facility Size | US$50m staged in three baskets: US$30m upfront and two additional US$10m draws as requested |
| Facility Status and Ranking |
Direct, secured, unsubordinated and unconditional obligation of the Borrower |
| Original Term | 5 years from first draw, subject to extension option |
| Availability Period | 18 months from signing of the facility |
| Interest | 1M Secured Overnight Financing Rate (subject to a floor of 1%) + 4.8% margin |
| Covenant | The facility has the benefit of a Loan-to-Value covenant tested monthly |
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