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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 ). 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)