Tetragon Financial Group Limited (TFG) Monthly Update For February 2012
LONDON, March 20, 2012 /PRNewswire/ --
Tetragon Financial Group Limited (TFG) is a Guernsey closed-ended investment company traded on the NYSE Euronext in Amsterdam 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. (()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. )
Net Asset Value Estimates as of February 29 2012
(Amounts provided are unaudited and subject to change)
(in millions except per share data)
Estimated Fair Value of Investments: $1,287.4
Cash and Cash Equivalents: $211.3
Net Other Assets/ (Liabilities): $(5.3)
Estimated Net Asset Value: $1,493.4
TFG Shares Outstanding: 132.07
Net Asset Value per Share: ([1]) $12.98
CLO Equity & Direct Loan Portfolio Composition
CLO Equity & Direct Loan Portfolio Held by Tetragon Financial Group Master Fund Limited
(unless otherwise stated)
As of February 29, 2012
Tetragon
Financial Group
Ltd
as of February
29, 2012
TFG
group
TFG Net
Share Market No. of Closed CLO
Price Cap TFG group Net Equity
Report Date ($) ($MM)(1) Assets ($MM) Transactions
29 February
2012 $6.99 $804.1 $1,493.4 79 (2)
Risk Investment
Capital Allocation Capital Fair Value
by Asset Class Allocation ($MM)(3)(4)
Broadly Syndicated Senior
Secured Loans: US 76.5% $973.3
Broadly Syndicated Senior
Secured Loans: Europe 9.2% $117.2
Middle Market Senior
Secured Loans: US 14.2% $181.1
CDOs Squared: US 0.0% $0.0
ABS and Structured
Finance: US 0.0% $0.0
Total 100.0% $1,271.6
Geographic Allocation by Asset Asia
Class USA Europe Pacific Total
Broadly Syndicated Senior
Secured Loans 89.3% 10.7% 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%
90.8% 9.2% 0.0% 100.0%
Top 15 Underlying Bank Loan Exposure
Bank Loan Credits (5)
Univision
Communications 0.95%
First Data Corp 0.84%
HCA Inc 0.82%
Community Health 0.82%
UPC Broadband 0.79%
Charter
Communications 0.72%
Federal-Mogul 0.70%
Las Vegas Sands 0.70%
Aramark Corp 0.69%
Sabre Holdings Corp 0.68%
Cablevision Systems
Corp 0.65%
Huntsman ICI 0.60%
Reynolds Group 0.58%
TXU Corp 0.58%
SunGard Data Systems
Inc 0.54%
(1) Calculated using TFG shares outstanding (net of 8.5
million shares held in treasury and 8.5 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. Excludes TFG's investments in CLO
mezzanine tranches.
(3) Excludes TFG's investments in LCM Asset Management
LLC, GreenOak Real Estate LP and GreenOak related funds
or investments, and CLO mezzanine tranches.
(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 CLO equity tranche
investments. With respect to CLO equity tranche
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.
TOP 10 INDUSTRY
Healthcare, Education & Childcare 12.2%
Broadcasting & Entertainment 8.2%
Diversified/Conglomerate Service 6.8%
Telecommunications 6.4%
Retail Stores 6.2%
Chemicals, Plastics & Rubber 4.9%
Finance 3.9%
Automobile 3.7%
Printing & Publishing 3.6%
Electronics 3.6%
Tetragon Financial Group Limited (TFG)
Monthly Update For February 2012
Expected Upcoming Events Date
Q4 2011 Dividend Payment Date March 28, 2012
March 2012 Monthly Report April 30, 2012 (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.
For further information, please contact:
TFG:
David Wishnow/Yuko Thomas
Investor Relations
[email protected]
Press Inquiries:
Brunswick Group
Andrew Garfield/Gill Ackers/Pip Green
+44-20-7404-5959
[email protected]
SOURCE Tetragon Financial Group Limited
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