On 1 July Forth signed a £320m “amend‐and‐extend” of its existing bank debt facilities.
The new facilities have a contractual maturity of 30 June 2021, two and a half years later than the original term. Existing fixed rate interest rate swaps were restructured and re-profiled by the borrower to cover the additional two and a half year tenor, in line with the hedging policy.
Arcus worked with the management of Forth on the refinancing project, which started in May 2016.
Both Arcus and Forth are very pleased with the outcome of the process that was completed notwithstanding the recent volatility in the financial markets. This refinancing further extends the maturity of liabilities across the Fund’s portfolio and ensures that none of the Fund’s investments presents significant refinancing risks for an extended period of time.
This information note (“Note”) has been prepared by Arcus European Investment Manager LLP (“Arcus”) for use solely for information purposes. Arcus makes no representations or warranties to the accuracy or completeness of any past, simulated or estimated performance results contain herein, and further nothing contained herein shall be relied upon as a promise by, or representation by, Arcus whether as to past or future performance results.