HarbourVest Global Renewal Of Credit Facility

 
TIDMHVPE 
 
 
   6 January 2017 
 
   HARBOURVEST GLOBAL PRIVATE EQUITY ANNOUNCES RENEWAL OF CREDIT FACILITY 
 
   HarbourVest Global Private Equity Limited ("HVPE" or "the Company"), a 
closed-end investment company, has announced the successful renewal of 
its existing $500 million multi-currency credit facility ("the 
Facility") with Lloyds Bank plc and Credit Suisse AG. Lloyds Bank plc 
has maintained its $300 million commitment, with Credit Suisse AG 
continuing to commit $200 million. The Facility, which retains similar 
covenants, has been extended to December 2020. Lloyds Bank plc will act 
as agent. 
 
   The commitment fee on the undrawn Facility has increased from 90 basis 
points to 115 basis points. The LIBOR margin applicable to the Facility 
is 300 basis points for borrowings of less than $250 million; a further 
30 basis points will be payable on the total sum drawn if borrowings 
exceed $250 million. This compares with a LIBOR margin of 265 basis 
points on the previous terms, which increased at two additional 
thresholds to 315 basis points and 350 basis points on borrowings 
greater than $150 million and $300 million respectively. 
 
   The Company moved to a net cash position in August 2014, and has had no 
requirement for the use of borrowed funds in the intervening period. As 
at 6 January 2017, the Facility remains undrawn. 
 
   Sir Michael Bunbury, Chairman of HVPE, commented: 
 
   "I am pleased to confirm that the Board has approved an extension of the 
Company's existing $500 million credit facility. The expiry date has 
been extended from September 2019 to December 2020. The Company held net 
cash of $186 million as of 31 December 2016 and based on current cash 
flow projections, the Company does not expect to draw significantly on 
the credit facility in the current five-year planning period. However, 
the Board is of the opinion that the additional duration provides 
comfort for, and is complementary to, the significant new commitments 
that have been made in recent years." 
 
   -S - 
 
   Enquiries: 
 
 
 
 
 
HarbourVest 
Richard Hickman          Tel: [phone]     [e-mail] 
Laura Thaxter            Tel: [phone]        [e-mail] 
 
FleishmanHillard 
Fishburn 
Henry Adams              Tel: [phone]     [e-mail] 
 Ludo Baynham-Herd       Tel: [phone]      [e-mail] 
 
 
 
   Notes to Editors: 
 
   About HarbourVest Global Private Equity Limited: 
 
   HarbourVest Global Private Equity Limited ("HVPE" or the "Company") is a 
Guernsey-incorporated, closed-end investment company which is listed on 
the Main Market of the London Stock Exchange and is a constituent of the 
FTSE 250 index. HVPE is designed to offer shareholders long-term capital 
appreciation by investing in a private equity portfolio diversified by 
geography, stage of investment, vintage year, and industry. The Company 
invests in and alongside HarbourVest-managed funds which focus on 
primary fund commitments, secondary investments and direct 
co-investments in operating companies. HVPE's investment manager is 
HarbourVest Advisers L.P., an affiliate of HarbourVest Partners, LLC, an 
independent, global private markets investment specialist with more than 
30 years of experience. 
 
   About HarbourVest Partners, LLC: 
 
   HarbourVest is an independent, global private markets investment 
specialist with more than 30 years of experience and more than $40 
billion in assets under management. The Firm's powerful global platform 
offers clients investment opportunities through primary fund investments, 
secondary investments, and direct co-investments in commingled funds or 
separately managed accounts. HarbourVest has more than 400 employees, 
including more than 100 investment professionals across Asia, Europe, 
and the Americas. This global team has committed more than $31 billion 
to newly-formed funds, completed over $15 billion in secondary purchases, 
and invested $5 billion directly in operating companies. Partnering with 
HarbourVest, clients have access to customised solutions, longstanding 
relationships, actionable insights, and proven results. 
 
   This announcement is for information purposes only and does not 
constitute or form part of any offer to issue or sell, or the 
solicitation of an offer to acquire, purchase or subscribe for, any 
securities in any jurisdiction and should not be relied upon in 
connection with any decision to subscribe for or acquire any Shares.  In 
particular, this announcement does not constitute or form part of any 
offer to issue or sell, or the solicitation of an offer to acquire, 
purchase or subscribe for, any securities in the United States or to US 
Persons (as defined in Regulation S under the US Securities Act of 1933, 
as amended ("US Persons")).  Neither this announcement nor any copy of 
it may be taken, released, published or distributed, directly or 
indirectly to US Persons or in or into the United States (including its 
territories and possessions), Canada, Australia or Japan, or any 
jurisdiction where such action would be unlawful. Accordingly, 
recipients represent that they are able to receive this announcement 
without contravention of any applicable legal or regulatory restrictions 
in the jurisdiction in which they reside or conduct business. No 
recipient may distribute, or make available, this announcement (directly 
or indirectly) to any other person. Recipients of this announcement 
should inform themselves about and observe any applicable legal 
requirements in their jurisdictions. 
 
   The Shares have not been and will not be registered under the US 
Securities Act of 1933, as amended (the "Securities Act") or with any 
securities regulatory authority of any state or other jurisdiction of 
the United States and, accordingly, may not be offered, sold, resold, 
transferred, delivered or distributed, directly or indirectly, within 
the United States or to US Persons.  In addition, the Company is not 
registered under the US Investment Company Act of 1940, as amended (the 
"Investment Company Act") and shareholders of the Company will not have 
the protections of that act.  There will be no public offer of the 
Shares in the United States or to US Persons. 
 
   This announcement has been prepared by the Company and its investment 
manager, HarbourVest Advisers L.P. (the "Investment Manager"). No 
liability whatsoever (whether in negligence or otherwise) arising 
directly or indirectly from the use of this announcement is accepted and 
no representation, warranty or undertaking, express or implied, is or 
will be made by the Company, the Investment Manager or any of their 
respective directors, officers, employees, advisers, representatives or 
other agents ("Agents") for any information or any of the opinions 
contained herein or for any errors, omissions or misstatements. None of 
the Investment Manager nor any of their respective Agents makes or has 
been authorised to make any representation or warranties (express or 
implied) in relation to the Company or as to the truth, accuracy or 
completeness of this announcement, or any other written or oral 
statement provided. In particular, no representation or warranty is 
given as to the achievement or reasonableness of, and no reliance should 
be placed on any projections, targets, estimates or forecasts contained 
in this announcement and nothing in this announcement is or should be 
relied on as a promise or representation as to the future. 
 
   Other than as required by applicable laws, the Company gives no 
undertaking to update this announcement or any additional information, 
or to correct any inaccuracies in it which may become apparent and the 
distribution of this announcement. The information contained in this 
announcement is given at the date of its publication and is subject to 
updating, revision and amendment. The contents of this announcement have 
not been approved by any competent regulatory or supervisory authority. 
 
   This announcement includes statements that are, or may be deemed to be, 
"forward looking statements".  These forward looking statements can be 
identified by the use of forward looking terminology, including the 
terms "believes", "projects", "estimates", "anticipates", "expects", 
"intends", "plans", "goal", "target", "aim", "may", "will", "would", 
"could", "should" or "continue" or, in each case, their negative or 
other variations or comparable terminology. These forward looking 
statements include all matters that are not historical facts and include 
statements regarding the intentions, beliefs or current expectations of 
the Company.  By their nature, forward looking statements involve risks 
and uncertainties because they relate to events and depend on 
circumstances that may or may not occur in the future and may be beyond 
the Company's ability to control or predict. Forward looking statements 
are not guarantees of future performance.   More detailed information on 
the potential factors which could affect the financial results of the 
Company is contained in the Company's public filings and reports. 
 
   All investments are subject to risk. Past performance is no guarantee of 
future returns. Prospective investors are advised to seek expert legal, 
financial, tax and other professional advice before making any 
investment decision. The value of investments may fluctuate. Results 
achieved in the past are no guarantee of future results. 
 
   This announcement is issued by the Company, whose registered address is 
Ground Floor Dorey Court, Admiral Park, St Peter Port, Guernsey, GY1 
2HT. 
 
   (c) 2017 HarbourVest Global Private Equity Limited. All rights reserved. 
 
   This announcement is distributed by Nasdaq Corporate Solutions on behalf 
of Nasdaq Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: HarbourVest Global Private Equity Limited via Globenewswire 
 
 

  http://www.hvgpe.com/ 
 

(END) Dow Jones Newswires

January 06, 2017 04:01 ET (09:01 GMT)

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