Tetragon Financial Group Limited (TFG) Monthly Update For January 2010
LONDON, February 16, 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 January 31, 2010
(Amounts provided are unaudited and subject to change)
(in millions except per share data)
Estimated Fair Value of Investments: $700.2
Cash and Cash Equivalents: $177.8
Net Other Assets/ (Liabilities): $(31.1)
Estimated Net Asset Value: $846.9
TFG Shares Outstanding: 130.1
Net Asset Value per Share: (2) $6.81
(1) TFG invests substantially all its capital through a master fund, Tetragon Financial Group Master Fund Limited ("TFGMF") in which it holds a 100.0% share.
(2) Excludes 5.74 million shares held in treasury.
Portfolio Composition
Portfolio Held by Tetragon Financial Group Master Fund Limited
(unless otherwise stated)
As of January 31, 2010
Report TFG TFG TFG group Net No. of
Date Share group Assets ($MM) Closed CLO
Price Market Cap Transactions
($) ($MM)(1)
31 January 2010 $3.91 $508.5 $846.9 68(2)
Capital Risk Investment Investment Overall
Allocation by Capital - Fair - Leverage(6)
Asset Class Allocation Value Amortized
($MM)(3)(4) Cost B/Fwd
($MM)(5)
Broadly Syndicated
Senior Secured
Loans: US 73.9% $517.3 $742.4
Broadly Syndicated
Senior Secured
Loans: Europe 6.0% $42.3 $201.4
Middle Market Senior
Secured Loans: US 20.0% $140.3 $179.1
CDOs Squared:
US 0.0% $0.0 $0.0
ABS and
Structured
Finance: US 0.0% $0.0 $0.0
Total 100.0% $699.9 $1,122.9 0.83
Geographic
Allocation by Asset USA Europe Asia Total
Class Pacific
Broadly Syndicated
Senior Secured Loans 92.4% 7.6% 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%
94.0% 6.0% 0.0% 100.0%
Top 15 Underlying Bank Loan
Bank Loan Credits Exposure (7)
Community Health 0.94%
TXU Corp 0.86%
HCA Inc 0.82%
Univision Communications 0.81%
Georgia Pacific Corp 0.77%
Aramark Corp 0.69%
First Data Corp 0.67%
Cablevision Systems Corp 0.66%
SunGard Data Systems Inc 0.63%
Calpine Corp 0.58%
Celanese US Holdings LLC 0.57%
Nielsen Company 0.56%
Sabre Holdings Corp 0.56%
Huntsman ICI 0.55%
Mylan Laboratories 0.54%
EUR-USD 1.39
FX:
(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) Investments at Amortized Cost less interest accrued since last
payment date. Internal Rate of Return (IRR) x Amortized Cost B/Fwd
determines CDO income.
(6) Equals CDO Amortized Cost BFwd / Book Value.
(7) 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 (net of any single name CDS hedges held against
that credit).
Tetragon Financial Group Limited (TFG)
Monthly Update For January 2010
Expected Upcoming Events Date
Q4 financial results and 2009
audited financial statements March 1, 2010
Q4 dividend ex date March 1, 2010
Q4 dividend record date March 3, 2010
Quarterly investor call March 5, 2010
February 2010 Monthly Report March 17, 2010 (approx)
Q4 dividend payment date March 25, 2010
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:
Finsbury
Charles Chichester/Talia Druker/Rollo Head
+44-20-7251-3801
SOURCE Tetragon Financial Group Limited
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