2nd Apr 2014 11:46
LONDON (Alliance News) - Alternative Asset Opportunities PCC Ltd Wednesday said it has taken another step towards making capital distributions to shareholders, having agreed to facility arrangements on behalf of its cell, US Traded Life Interests Fund.
In a statement, Alternative Asset Opportunities said it has agreed a new USD10 million revolving loan facility with AIB Group (UK) PLC as the previous one, with Allied Irish Banks PLC, expired at the end of March.
The facility is intended to enable the borrower to continue to fulfil its obligations, including the payment of premiums, until the facility expires on March 31, 2016.
According to Alternative Asset Opportunities, the terms of the new facility are largely similar to the maturing facility, but at a reduced interest rate of 3.25% a year above Libor and with a reduced commitment fee.
Alternative Asset Opportunities said the terms of the facility will permit it to make capital distributions to shareholders, assuming no default is occurring, no loans are outstanding under the facility, and the it is not in breach of its asset cover requirement.
In its half-yearly report, the company said it is moving towards a more flexible policy that will possibly allow it to return funds to shareholders, depending on a continuing flow of maturities.
The company's shares were Wednesday quoted at 38.00 pence, up 0.3%.
By Samuel Agini; [email protected]; @samuelagini
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