Third Point Investors Ltd - TPIL Announcement on Gearing Facility
PR Newswire
LONDON, United Kingdom, May 31
31 May 2023
TPIL Announcement on Gearing Facility
This announcement contains inside information.
The Board of Third Point Investors Limited ("TPIL" or the "Company") announces that it intends to discontinue the use of its gearing facility, effective 2 June 2023.
TPIL originally entered into a credit facility, pursuant to which it borrowed up to $150 million at a rate of LIBOR plus 2.4%, for a period of two years starting on 1 September 2021. In consultation with the Investment Manager, the Board made the decision to: 1) submit a redemption from the Master Fund in the amount of $151.7 million, which covers principal plus accrued interest, and 2) use these proceeds to repay the loan on 2 June 2023.
The Board chose to do so before the end of the two-year term so as to save on additional interest expense, and there is no prepayment fee associated with this action.
- Ends -
Press Enquiries
Third Point Elissa Doyle, Chief Communications Officer and Head of ESG Engagement edoyle@thirdpoint.com Tel: +1 212-715-4907 | Buchanan Charles Ryland charlesr@buchanan.uk.com Tel: +44 (0)20 7466 5107 Henry Wilson henryw@buchanan.uk.com Tel: +44 (0)20 7466 5111 |
Notes to Editors
About Third Point Investors Limited
www.thirdpointlimited.com
Third Point Investors Limited (LSE: TPOU) was listed on the London Stock Exchange in 2007 and is a feeder fund that invests in the Third Point Offshore Fund (the Master Fund), offering investors a unique opportunity to gain direct exposure to founder Daniel S. Loeb's investment strategy. The Master Fund employs an event-driven, opportunistic strategy to invest globally across the capital structure and in diversified asset classes to optimize risk-reward through a market cycle. TPIL's portfolio is 100% aligned with the Master Fund, which is Third Point's largest investment strategy. TPIL's assets under management are currently $600 million.
About Third Point LLC
Third Point LLC is an institutional investment manager that actively engages with companies across their lifecycle, using dynamic asset allocation and an ethos of continuous learning to drive long-term shareholder return. Led by Daniel S. Loeb since its inception in 1995, the Firm has a 37-person investment team, a robust quantitative data and analytics team, and a deep, tenured business team. Third Point manages approximately $12.2 billion in assets for sovereign wealth funds, endowments, foundations, corporate & public pensions, high-net-worth individuals, and employees.
