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M&G Credit Income Investment Trust plc (MGCI)
Result of IPO
09-Nov-2018 / 07:00 CET/CEST
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY
OR INDIRECTLY, IN OR INTO, THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA,
NEW ZEALAND, THE REPUBLIC OF SOUTH AFRICA OR JAPAN OR ANY OTHER JURISDICTION
WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT.
This announcement is an advertisement for the purposes of the Prospectus
Rules of the UK Financial Conduct Authority (the "FCA") and not a
prospectus. This announcement does not constitute or form part of, and
should not be construed as, an offer for sale or subscription of, or
solicitation of any offer to subscribe for or to acquire, any ordinary
shares in the Company in any jurisdiction, including in or into the United
States, Canada, Australia, New Zealand, the Republic of South Africa or
Japan. Investors should not subscribe for or purchase any ordinary shares
referred to in this announcement except on the basis of information in the
prospectus (the "Prospectus") published by M&G Credit Income Investment
Trust plc (the "Company") in connection with the proposed admission of its
ordinary shares to the premium listing segment of the Official List of the
FCA and to trading on the main market for listed securities of London Stock
Exchange plc. A copy of the Prospectus is available for inspection from the
Company's registered office and on its website
(www.mandg.co.uk/CreditIncomeInvestmentTrust [1]).
LEI: 549300E9W63X1E5A3N24
9 November 2018
M&G Credit Income Investment Trust plc
Result of IPO
The Board of M&G Credit Income Investment Trust plc (the "Company"), is
pleased to announce that the Company has raised gross proceeds of GBP100
million through the issue of 100,000,000 ordinary shares of one penny each
in the capital of the Company ("Ordinary Shares"), at an issue price of 100
pence per Ordinary Share (the "Issue Price"), under the Initial Placing,
Offer for Subscription and Intermediaries Offer (the "Issue").
The Company will use the net proceeds from the Issue to invest in a
diversified portfolio of public and private debt and debt-like instruments
("Debt Instruments"). Over the longer term, it is expected that the
Company will be mainly invested in private Debt Instruments, which are those
instruments not quoted on a stock exchange. The Company will target an
annualised dividend yield of LIBOR plus 2.5% (on the Issue Price) in respect
of the Company's first financial period to 31 December 2019 and LIBOR plus
4% (on the opening Net Asset Value per Ordinary Share) in respect of each
financial year thereafter.
Applications have been made for the admission of 100,000,001 Ordinary Shares
(which includes the one Ordinary Share already in existence) to the premium
segment of the Official List of the UK Listing Authority and to trading on
the premium segment of the main market of the London Stock Exchange
("Admission "). It is expected that Admission will become effective and that
unconditional dealings will commence in the Ordinary Shares at 8.00 a.m. on
14 November 2018.
The ticker for the Company's shares will be 'MGCI' (ISIN: GB00BFYYL325 and
SEDOL: BFYYL32).
Jeremy Richards, Lead Fund Manager, M&G Investments, commented:
"The Company offers our 20 years of investment experience in private credit
to a wider audience than ever before. Private credit can provide investors
with an attractive level of yield and security within the fixed income
universe and is playing an increasingly prominent role for companies seeking
finance."
David Simpson, Chairman, M&G Credit Income Investment Trust plc, commented:
"We are pleased to have raised GBP100 million and would like to thank the
investors that participated in the IPO for their support. M&G's heritage and
scale in the private credit markets has created an exciting proposition for
investors and the Board and I look forward to working with its highly
experienced investment team."
Terms used in this announcement shall, unless the context otherwise
requires, bear the meanings given to them in the prospectus published by the
Company on 26 September 2018.
For further information please contact:
M&G Credit Income Investment Trust plc 01392 477500
James Poole, Link Company Matters Limited, Company
Secretary
Winterflood Securities Limited 020 3100 0000
Joe Winkley
Neil Morgan
ISIN: GB00BFYYL325, GB00BFYYT831
Category Code: ROI
TIDM: MGCI
LEI Code: 549300E9W63X1E5A3N24
OAM Categories: 3.1. Additional regulated information required to be
disclosed under the laws of a Member State
Sequence No.: 6474
EQS News ID: 743575
End of Announcement EQS News Service
1: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=461eb805a5f552e72d0b5024cc725dcd&application_id=743575&site_id=vwd_london&application_name=news
(END) Dow Jones Newswires
November 09, 2018 01:01 ET (06:01 GMT)
