HarbourVest Senior Loans Europe Limited (“HSLE” or the “Company”) is pleased to announce that Spire Partners LLP (“Spire”), the Company’s investment manager, has entered into a binding agreement to sell the remaining four loans in the portfolio at a small premium to the prevailing book value of those loans. This disposal is in accordance with the Company’s focus on capital returns following the end of its investment period and represents an attractive liquidity event at a premium to book value.
Commenting on the sale, the Chairman of HSLE, Colin Maltby said “Since Spire assumed the investment management responsibilities of the Company earlier this year, they have efficiently executed a strategy to accelerate the optimal return of capital to shareholders, and the Board is delighted with the outcome they have delivered”.
Jonathan Russell, Managing Partner of Spire, said “The disposal of this illiquid midmarket portfolio of assets, at a premium to NAV in a timely and orderly manner, is an excellent result for investors.”
Proceeds from the sale of the portfolio are expected to be received during October 2014 and will be returned to investors in due course in the most efficient manner available.