Tetragon Financial Group Limited (TFG) Monthly Update For July 2010
LONDON, August 17, 2010 /PRNewswire-FirstCall/ -- 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 July 31, 2010
(Amounts provided are unaudited and subject to change)
(in millions except per share data)
Estimated Fair Value of Investments: $779.6
Cash and Cash Equivalents: $169.9
Net Other Assets/ (Liabilities): $(19.0)
Estimated Net Asset Value: $930.5
TFG Shares Outstanding: 130.5
Net Asset Value per Share: ([2]) $7.65
Portfolio Composition
Portfolio Held by Tetragon Financial Group Master Fund Limited
(unless otherwise stated)
As of July 31, 2010
Report TFG TFG group TFG No. of Closed CLO
Date Share Market Cap group Transactions
Price ($MM)(1) Net
($) Assets
($MM)
31 July $4.25 $554.5 $930.5 68(2)
2010
Capital Risk Investment - Fair
Allocation Capital Value ($MM)(3)(4)
by Asset Allocation
Class
Broadly Syndicated Senior Secured
Loans: US 74.7% $582.5
Broadly Syndicated Senior Secured
Loans: Europe 7.7% $59.9
Middle Market Senior Secured
Loans: US 17.6% $137.2
CDOs Squared: US 0.0% $0.0
ABS and Structured Finance: US 0.0% $0.0
Total 100.0% $779.6
Geographic Allocation by Asset Class
USA Europe Asia Total
Pacific
Broadly Syndicated
Senior Secured
Loans 90.7% 9.3% 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%
92.3% 7.7% 0.0% 100.0%
Top 15 Underlying Bank Loan Credits Bank Loan
Exposure
(5)
Community Health 0.97%
Charter Communications 0.91%
HCA Inc 0.86%
TXU Corp 0.86%
Univision Communications 0.86%
Georgia Pacific Corp 0.77%
First Data Corp 0.71%
Aramark Corp 0.67%
Cablevision Systems Corp 0.66%
Calpine Corp 0.66%
SunGard Data Systems Inc 0.65%
Sabre Holdings Corp 0.63%
Celanese US Holdings LLC 0.61%
Las Vegas Sands 0.60%
Nielsen Company 0.59%
EUR-USD FX: 1.30
(1) Calculated using TFG shares outstanding 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 investment in LCM Asset Management LLC.
(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
Q2 Dividend Payment Date August 26, 2010
August 2010 Monthly Report September 20, 2010 (approx)
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.
([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 8.8 million shares held in treasury.
For further information, please contact:
TFG: Press Inquiries:
David Wishnow/Yuko Thomas Citigate Dewe Rogerson
Investor Relations Michael Berkeley/Justin
[email protected] Griffiths/Clare Simonds
[email protected]
SOURCE Tetragon Financial Group Limited
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