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IN BRIEF: Literacy Capital completes refinancing of portfolio company

3rd Apr 2024 15:53

Literacy Capital PLC - London-headquartered trust focused on long-term investments in private UK businesses - Completes the refinancing of one of its largest - but undisclosed - portfolio companies with new lenders. The new debt facility releases cash to shareholders, including Literacy, with the fund's share amounting to GBP20 million. Literacy intends to use the cash proceeds to repay most of the amount drawn under its revolving credit facility, before recycling proceeds into new investments. Literacy expects to receive "meaningful" cash inflows over the remainder of 2024, given the level of interest in its portfolio companies. Says this transaction will have an immaterial immediate impact on net asset value.

Current stock price: 484.00 pence up 0.4% in London on Wednesday

12-month change: up 20%

By Jeremy Cutler, Alliance News reporter

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