LONDON: HgCapital Trust plc (HGT) announced the completion of a £200 million multicurrency revolving credit facility.
The facility will be used to help ensure the future growth of HGT to fund investments, co-investments, and further commitments to Hg funds.
HGT’s net liquid resources available for future deployment (including all announced transactions and the interim dividend payable in October 2020) are estimated to be £398 million (34% of the 31 August 2020 pro-forma NAV of £1.16 billion, including the increase in equity via tap equity issues over the third quarter of 2020).
These figures include the repayment of the £80m bank facility previously utilised and the potential use of the further £200m agreed facility as detailed above.
HGT’s outstanding commitments to invest in Hg transactions are approximately £759 million (65% of the 31 August 2020 pro-forma NAV). HGT was advised by Deloitte Debt & Capital Advisory.
HgCapital Trust plc, whose shares are listed on the London Stock Exchange (ticker: HGT.L), gives investors exposure through a liquid vehicle to a portfolio of high-growth private companies in the software and services sector. The selection of new investments and creation of value in these businesses are managed by Hg, an experienced and well-resourced private equity firm with a long-term track record of delivering superior risk-adjusted returns for its investors.