Business
Loans to Investee Company
Loans to Investee Company.
About this update from B.p. Marsh & Partners Plc
[{"type":"text","content":"\n RNS Number : 2496T B.P. Marsh & Partners PLC 03 June 2009 \n \nDate: 3rd June 2009\nOn behalf of: B.P. Marsh & Partners Plc ('B. P. Marsh' or the 'Company')\nEmbargoed until: 0700hrs \n\nB.P. Marsh & Partners Plc\nLoans to Investee Company\n\nB. P. Marsh (AIM: BPM), the niche venture capital provider to early stage financial services businesses, announces today that it has agreed to provide a Working Capital Loan of £2.46 million and an Acquisition Finance Loan of €900,000 to Hyperion Insurance Group Limited ('Hyperion'). Hyperion is an international insurance group which employs 700 people in 51 offices operating out of 17 countries. Through the different companies in the Hyperion Group it covers wholesale broking, retail broking, underwriting and reinsurance broking. B. P. Marsh first invested in Hyperion in 1994.\n\nWorking Capital Loan\n\nB. P. Marsh has agreed to provide a loan of £2.46 million ('the Loan') to Hyperion as part of a £3 million shareholder loan facility. \n\nB. P. Marsh will provide the Loan from its existing cash resources available for investment in portfolio companies, with the remaining £0.54 million provided by other shareholders. The Loan will be used by Hyperion to finance its working capital requirements as it further expands and grows its international insurance intermediary business.\n\nThe Loan will be drawn down immediately, in full and will attract interest at a rate of 14% per annum, paid monthly in arrears. \n\nThe loan principal is to be repaid as follows:-\n\n\n\n\n\nFirst 21 months\n\n\nNo principal repayment\n\n\n\n\n\n21-27 months\n\n\n10% (in 2 quarterly payments)\n\n\n\n\n\n27-39 months\n\n\n15% (in 4 quarterly payments)\n\n\n\n\n\n39-51 months\n\n\n30% (in 4 quarterly payments)\n\n\n\n\n\n51-60 months\n\n\n45% (in 4 quarterly payments)\n\n\n\n\n\n\nThe above constitutes the operative terms of the Loan. There is no convertibility and there are no penalties / premiums imposed for early redemption, provided three months' notice is given of this intention.\n\n...