TIDMHSLE

RNS Number : 2310S

HarbourVest Senior Loans Europe Ltd

22 September 2014

22 September 2014

SPIRE PARTNERS EXECUTES DISPOSAL OF REMAINING PORTFOLIO

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 mid-market 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.

Enquiries:

 
 HSLE 
 Company Secretary                   +44 (0)1481 737 600 / nicole.barnes@praxisgroup.com 
 
 Spire Partners 
 Jonathan Russell                    +44 (0)20 7042 6300 / enquiries@SpireLLP.com 
 
 Liberum 
 Chris Bowman                        +44 (0)20 3100 2000 / chris.bowman@liberum.com

Notes to Editors:

About HarbourVest Senior Loans Europe Limited:

HarbourVest Senior Loans Europe Limited is a Guernsey-incorporated company listed on the main market of the London Stock Exchange.

The Company's investment objective is to provide shareholders with a combination of a high level of income and capital growth over time, whilst preserving capital. The investment period of HSLE has now concluded and the Company has invested in accordance with its original investment policy and objective. The Company has invested in senior secured loans of private equity-backed European mid-market companies.

HSLE is managed by Spire Partners LLP (the "Investment Manager") a limited liability partnership registered in England and Wales (OC 376511).

The Company is regulated by the Guernsey Financial Services Commission and is not regulated or authorised by the Financial Conduct Authority, but is subject to the Listing Rules applicable to closed-ended investment companies.

To learn more about HSLE, please visit www.hvsle.com

About Spire Partners LLP:

Established in 2012, Spire Partners LLP is an independent asset management firm focused on European non-investment grade credit.

Spire's founding partners are Jonathan Russell, Phil Bennett-Britton and Oliver Drummond Smith, who previously worked together managing a variety of fund types including credit opportunities, collateralised loan obligations ("CLOs"), managed accounts and private equity funds. The team has a track record of consistently delivering superior risk adjusted returns.

Spire currently has a sub-advisory arrangement with the UK affiliate of a US multi-strategy institutional investor to invest in European non-investment grade credit, and was appointed as sub investment adviser on HSLE in February 2014, before becoming the investment manager in May 2014. Spire also has a managed account with a family office to invest in performing non-investment grade credit.

Spire is authorised and regulated in the United Kingdom by the Financial Conduct Authority.

To learn more about Spire Partners, please visit www.SpireLLP.com

This announcement is issued by the Company, whose registered address is at Sarnia House, Le Truchot, St Peter Port, Guernsey, GY1 4NA, Channel Islands.

(c) 2014 HarbourVest Senior Loans Europe Limited. All rights reserved.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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