23rd Jul 2015 11:15
LONDON (Alliance News) - Toro Ltd Thursday said it has invested EUR10 million in junior instruments in a short term loan warehousing transaction backed by a portfolio of leveraged corporate loans.
A global bank and financial services firm provided senior finance, Toro said, without naming the firm.
The closed-ended investment company provides exposure to primarily European and UK corporates with credit ratings at or higher than B-.
The deal represented about 2.8% of Toro's net assets on acquisition. Toro has now invested about 85% of its assets.
"The expected return of the investment is in excess of Toro's target gross return for Private Asset-Backed Finance of approximately 15%," Toro said.
Toro shares were untraded Thursday, having last traded at 1.03 pence.
By Samuel Agini; [email protected]; @samuelagini
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