Tetragon Financial Group Limited (TFG) Monthly Update For September 2011By Tetragon Financial Group Limited, PRNE
Thursday, October 27, 2011
LONDON, October 28, 2011 -
Tetragon Financial Group Limited (TFG) is a Guernsey closed-ended investment company traded on Euronext Amsterdam by NYSE Euronext 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 September 30, 2011
(Amounts provided are unaudited and subject to change)
(in millions except per share data) Estimated Fair Value of Investments: $1,256.0 Cash and Cash Equivalents: $155.6 Net Other Assets/ (Liabilities): $2.0 Estimated Net Asset Value: $1,413.6 TFG Shares Outstanding: 131.9 Net Asset Value per Share: (2) $12.06
(1)TFG invests substantially all its capital through a master fund, Tetragon Financial Group Master Fund Limited (”TFGMF”) in which it holds a 100.0% share
(2) Excludes 10.8 million shares held in treasury and 3.91 million shares held by a subsidiary.
Portfolio Held by Tetragon Financial Group Master Fund Limited
(unless otherwise stated)
As of September 30, 2011
TFG group TFG Net group Market Net TFG Share Cap Assets No. of Closed CLO Report Date Price ($) ($MM)(1) ($MM) Transactions 30 September 2011 $6.40 $750.3 $1,413.6 75(2)
Risk Investment Capital Fair Value Capital Allocation by Asset Class Allocation ($MM)(3)(4) Broadly Syndicated Senior Secured Loans: US 73.3% $915.8 Broadly Syndicated Senior Secured Loans: Europe 12.3% $154.0 Middle Market Senior Secured Loans: US 14.3% $179.1 CDOs Squared: US 0.0% $0.0 ABS and Structured Finance: US 0.0% $0.0 Total 100.0% $1,248.9
Asia Geographic Allocation by Asset Class USA Europe Pacific Total Broadly Syndicated Senior Secured Loans 85.6% 14.4% 0.0% 100.0% Middle Market Senior Secured Loans 100.0% 0.0% 0.0% 100.0% CDOs Squared 0.0% 0.0% 0.0% 0.0% ABS and Structured Finance 0.0% 0.0% 0.0% 0.0% 87.7% 12.3% 0.0% 100.0%
Bank Loan Top 15 Underlying Bank Loan Credits Exposure (5) Univision Communications 0.93% HCA Inc 0.81% Community Health 0.80% First Data Corp 0.79% SunGard Data Systems Inc 0.73% UPC Broadband 0.72% Cablevision Systems Corp 0.71% Federal-Mogul 0.70% Charter Communications 0.69% Aramark Corp 0.67% Las Vegas Sands 0.65% Sabre Holdings Corp 0.64% Huntsman ICI 0.62% TXU Corp 0.61% Nielsen Company 0.59%
EUR-USD FX: 1.34
(1) Calculated using TFG shares outstanding (net of 10.3 million shares held in treasury and 3.91 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.
(3) Excludes TFG’s investments in LCM Asset Management LLC, GreenOak Real Estate LP and GreenOak related funds or investments.
(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 investments in CLOs. With respect to CLO 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.
Expected Upcoming Events Date Q3 Dividend Record Date November 1, 2011 Quarterly Investor Call November 4, 2011 October 2011 Monthly Report November 18, 2011 Q3 Dividend Payment Date November 22, 2011
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.
For further information, please contact: TFG Press Inquiries: David Wishnow/Yuko Thomas Brunswick Group Investor Relations Andrew Garfield/Gill Ackers/Pip Green firstname.lastname@example.org +44-20-7404-5959 email@example.com
Tags: London, Netherlands, October 28, Tetragon Financial Group Limited, United Kingdom