2008-07-16 02:00:00
LONDON, July 16 /EMWNews-FirstCall/ -- Tetragon Financial Group Limited (TFG) is a Guernsey closed-ended investment company traded on Euronext Amsterdam by NYSE Euronext under the ticker symbol "TFG". In this monthly update, unless otherwise stated, we report on the consolidated business incorporating TFG and Tetragon Financial Group Master Fund Limited. ([1]) Net Asset Value Estimates as of June 30, 2008 (Amounts provided are unaudited and subject to change)
(in millions except per share data)
Estimated Fair Value of Investments: $1,393.1 Cash and Cash Equivalents: $231.6 Net Other Assets/ (Liabilities): $(305.6) Estimated Net Asset Value: $1,319.1 TFG Shares Outstanding: 127.4 Net Asset Value per Share: ([2]) $10.44 ([1]) TFG invests substantially all its capital through a master fund,
Tetragon Financial Group Master Fund Limited ("TFGMF"), in which it holds a 100.0% share. In accordance with the previously announced Exchange Agreement between Tetragon Financial Group LP (TFGLP) and TFG dated April 26, 2007, TFGLP investors have exchanged their limited partnership interests on a one-for-one basis for shares of TFG. Accordingly, the number of TFG shares outstanding at month-end has increased by approximately 7.5 million to 127.4 million. ([2]) Excludes 1.1 million shares held in treasury. Portfolio Composition Portfolio Held by Tetragon Financial Group Master Fund Limited (unless otherwise stated) As of June 30, 2008 Report Date TFG Share TFG group TFG No. of Closed CLO Price ($) Market Cap group Transactions ($MM) Net Assets ($MM) 30 June 2008 $4.75 $605.3 $1,319.1 61(1) Capital Allocation Risk Investment Investment Overall by Asset Class Capital Amortized Amortized Leverage(4) Allocation Cost Cost B/Fwd ($MM)(2) ($MM)(3)Broadly Syndicated 60.6% $844.6 $828.0 Senior Secured Loans: US Broadly Syndicated 23.9% $332.6 $321.0 Senior Secured Loans: Europe Middle Market 15.5% $215.9 $209.3 Senior Secured Loans: US CDOs Squared: US 0.0% $0.0 $0.0 ABS and Structured Finance: US 0.0% $0.0 $0.0 Total 100.0% $1,393.1 $1,358.3 1.03 Geographic Allocation USA Europe Asia Total by Asset Class Pacific Broadly Syndicated 72% 28% 0% 100% Senior Secured Loans Middle Market Senior Secured Loans 100% 0% 0% 100% CDOs Squared 0% 0% 0% 0% ABS and Structured 0% 0% 0% 0% Finance 80% 20% 0% 100% Top 15 Underlying Bank Loan Credits Bank Loan Exposure (5) Univision Communications 0.75% Idearc 0.74% Community Health 0.70% HCA Inc 0.67% Georgia Pacific Corp 0.56% Cablevision Systems Corp 0.56% OshKosh Truck 0.50% Aramark Corp 0.44% SunGard Data Systems Inc 0.43% Nielsen Company 0.42% Sabre Holdings Corp 0.39% Freescale Semiconductor Inc 0.38% Clarke American 0.37% Metro-Goldwyn-Mayer Inc 0.36% West Corp 0.35% EUR-USD FX: 1.57 (1) Excludes CDO-squared and ABS CDO transactions which were written off
in October 2007. TFG continues to hold the economic rights to these written-off transactions. (2) Equivalent to Investment in Securities at Fair Value in the US GAAP Financial Statements. (3) Investments at Amortized Cost less interest accrued since last payment date. Internal Rate of Return (IRR) x Amortized Cost B/Fwd determines CDO income. (4) Equals CDO Amortized Cost BFwd / Book Value. (5) Calculated as a percentage of total corporate loan assets that TFG has exposure to based on its equity-based pro-rata share of each CLO's total portfolio (net of any single name CDS hedges held against
that credit). Tetragon Financial Group Limited (TFG) Monthly Update For June 2008 Expected Upcoming Events Date Q2 Ex-Dividend Date August 1, 2008 Q2 Financial Results and Interim Financial Statements August 5, 2008 Quarterly Investor Call: 15:00 BST/16:00 CET/10:00 EDT August 5, 2008 Q2 Dividend Record Date August 5, 2008 July 2008 Monthly Performance Report August 18, 2008 (approx) Q2 Dividend Payment Date August 26, 2008 This release does not contain or constitute an offer to sell or a
solicitation of an offer to purchase securities in the United States or any other jurisdiction. The securities of TFG have not been and will not be registered under the US Securities Act of 1933 (the "Securities Act"), as amended, and may not be offered or sold in the United States or to US persons unless they are registered under applicable law or exempt from registration. TFG does not intend to register any portion of its securities in the United States or to conduct a public offer of securities in the United States. In addition, TFG has not been and will not be registered under the US Investment Company Act of 1940, and investors will not be entitled to the benefits of such Act. TFG is registered in the public register of the Netherlands Authority for the Financial Markets under Section 1:107 of the Financial Markets Supervision Act as a collective investment scheme from a designated country. --------------------------------- For further information, please contact: TFG: Press Inquiries: Ryan Stork/Yuko Thomas Finsbury Investor Relations Charles Chichester/Talia Druker/Rollo Head [email protected] +44-20-7251-3801
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