Carador Inc Fnd Plc CIFU Results of Placing C Shares

  Carador Inc Fnd Plc (CIFU) - Results of Placing C Shares

RNS Number : 2552I
Carador Income Fund PLC
23 July 2012




NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, TO  U.S. 
PERSONS OR INTO OR IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN.



This announcement does not constitute  a prospectus or offering memorandum  or 
an offer in respect of any securities and is not intended to provide the basis
for any  decision in  respect of  Carador INCOME  FUND PLC  ("CARADOR" OR  THE 
"COMPANY") or  other evaluation  of any  securities of  Carador or  any  other 
entity and should  not be  considered as  a recommendation  that any  investor 
should subscribe for  or purchase any  such securities. Neither  the issue  of 
this announcement nor any part of its contents constitutes an offer to sell or
invitation to purchase any  securities of Carador or  any other entity or  any 
persons holding securities of Carador.

  

23 July 2012



                           Carador Income Fund plc

                                      

                      Result of Placing of New C Shares





Carador Income Fund plc  (the "Company" or "Carador")  is pleased to  announce 
that it  has conditionally  raised  US$125 million  (before costs)  through  a 
placing  of   U.S.  Dollar   C  Shares   in  the   Company.The  placing   was 
oversubscribed. Singer Capital Markets Limited and Dexion Capital plc acted as
joint placing agents for the Placing.



The Issue is conditional upon the admission of the U.S. Dollar C Shares to the
Official List and to  trading on the London  Stock Exchange's Main Market  for 
listed securities, which is expected to occur at 8.00 a.m. on 26 July 2012.



The Company has published a Prospectus  dated 16 July 2012 in connection  with 
the Issue of U.S. Dollar C Shares. The definitions used in this  announcement 
are as set out in the Prospectus.



The U.S. Dollar  C Shares will  convert into U.S.  Dollar Shares ranking  pari 
passu with the existing General Pool Shares of the same currency Class on  the 
basis of the conversion ratio  which will be calculated  once 90 per cent.  of 
the assets  attributable  to the  U.S  Dollar C  Share  Class (or  such  lower 
percentage as the Directors may  determine at their absolute discretion)  have 
been invested or committed to be invested.



The net proceeds of the Issue will, after deducting all expenses of the Issue,
which are  fixed at  2 per  cent. of  the gross  placing proceeds,  be all  or 
substantially invested in accordance  with the Company's investment  objective 
and policy.



The Company's investment objective is to produce attractive and stable returns
with low volatility compared to equity  markets by investing in a  diversified 
portfolio of Senior Notes of CLOs collateralised by senior secured bank  loans 
and equity and mezzanine  tranches of CLOs. The  Company seeks to achieve  its 
investment objective through investment in cashflow CLO transactions,  managed 
by  portfolio  managers  with  proven  track  records.  It  seeks  to  achieve 
diversification across asset class, geography, manager, and maturity  profile. 
Each investment is collateralised by a  diverse pool of fixed income  assets. 
There can be  no guarantee  that the  Company's investment  objective will  be 
achieved.

Following Admission the Company will have in issue



· 419,053,358 U.S. Dollar Shares trading under the ticker CIFU

· 125,000,000 US Dollar C Shares trading under the ticker CIFC



Accordingly the total number of voting rights in the Company following
Admission will be 544,053,358



Werner Schwanberg, Chairman, said



"The results of this  oversubscribed placing, the  third placing since  August 
2011, demonstrates the continuing attraction of the Company for investors,  in 
particular, its strong cash  flows and diversified  exposure to secured  loans 
through CLOs.  With a  current dividend  yield  in excess  of 14%  and  market 
capitalisation in excess  of $500 million,  we believe the  Company offers  an 
attractive way to gain exposure to this asset class."



Mark Moffat, on behalf of the Investment Manager, said



"I have been pleased with investor response to our investment strategy. We
believe this is an attractive time to invest the C share proceeds. GSO's deep
resources are being used to seek to maximise returns for both existing and new
investors."



Expected Timetable*:



Admission of the Shares to the Official List     8.00 a.m. on 26 July 2012
Dealings in Shares commence                      8.00 a.m. on 26 July 2012
Crediting of CREST stock accounts in respect of  8.00 a.m. on 26 July 2012
the Shares
Share certificates despatched                    Week commencing 6 August 2012
Long stop date for Class C Conversion            26 January 2013







* The dates and times specified above are subject to change without further
notice.

References to times are London times unless otherwise stated.





GSO Capital Partners

GSO Capital Partners LP (together  with its affiliates, including GSO  Capital 
Partners International  LLP,  "GSO") is  the  global credit  platform  of  The 
Blackstone Group L.P. (NYSE: BX) and has approximately $49.3 billion of assets
under management as of 31 May 2012.  It is one of the largest  credit-oriented 
alternative asset  managers  in the  world  and  a major  participant  in  the 
leveraged finance marketplace.  GSO seeks to  generate superior  risk-adjusted 
returns in its credit  business by investing in  a broad array of  strategies, 
including mezzanine  securities,  distressed  investing,  event  driven  hedge 
funds, leveraged loans and other special situation strategies.

Enquiries:



GSO Capital Partners International LLP +44 (0)20 7451 4000
Mark Moffat
Singer Capital Markets Ltd             +44 (0)20 3205 7500
James Maxwell
Alan Geeves
Dexion Capital plc                     +44 (0)20 7832 0900
Ravi Anand
Justin Zawoda Martin



                                  Disclaimer

                                      

This announcement has been  approved for issue in  the United Kingdom for  the 
purposes of section 21 of  the UK Financial Services  and Markets Act 2000  by 
GSO Capital  Partners International  LLP ("GSOCPI")  which is  authorised  and 
regulated by the United Kingdom Financial Services Authority.



This announcement and  the information  contained herein is  not for  release, 
publication or distribution,  directly or  indirectly, in or  into the  United 
States, Canada, Australia  or Japan or  to any U.S.  person (U.S. Person")  as 
defined in Regulation S under the U.S. Securities Act of 1933, as amended (the
"Securities Act")  or  into  any  other  jurisdiction  where  applicable  laws 
prohibit its release, distribution or publication. This announcement does  not 
constitute an offer to sell  or a solicitation of  an offer to buy  securities 
anywhere in  the  world, including  in  or  into the  United  States,  Canada, 
Australia or  Japan.  No  recipient  may distribute  or  make  available  this 
announcement, directly or indirectly, to any other person. Recipients of  this 
announcement in jurisdictions  outside the UK  should inform themselves  about 
and observe  any  applicable legal  requirements  in their  jurisdictions.  In 
particular, the distribution of this announcement may in certain jurisdictions
be restricted by law. 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.



This announcement has been prepared by Carador and is the sole  responsibility 
of Carador.  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 Carador, GSOCPI, Singer Capital Markets Limited ("Singer"),  Dexion 
Capital plc  ("Dexion")  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 GSOCPI, Singer, Dexion  nor any of  their 
respective Agents makes or has been  authorised to make any representation  or 
warranties (express or  implied) in relation  to Carador 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.



This document  is  an advertisement  and  does not  constitute  a  prospectus, 
offering  memorandum,  or  offer  or   solicitation  to  any  person  in   any 
jurisdiction to purchase or sell any investment. No information set out in  or 
referred to in connection with these  materials is intended to form the  basis 
of any contract of sale, investment  decision or any decision to purchase  any 
securities, nor should such information  be construed as providing  financial, 
investment or  other  professional  advice.  These  materials  should  not  be 
considered by the recipient as a recommendation relating to the acquisition or
disposal of investments. It is recommended that recipients of these  materials 
seek their  own independent  legal,  tax, financial  and other  advice.  These 
materials do  not  contain sufficient  information  to support  an  investment 
decision and investors should ensure  that they obtain all available  relevant 
information before making any investment. Investment decisions should be based
solely on the Prospectus and not on information contained in these  materials. 
Copies of  the prospectus  may be  obtained, subject  to applicable  law,  for 
collection free of charge from the registered office of the Company. Copies of
the prospectus will also be available, for inspection only, from the  National 
Storage Mechanism at http://www.hemscott.com/nsm.do.



Carador has not  been and  will not be  registered under  the U.S.  Investment 
Company Act of 1940, as amended  (the "Investment Company Act") and  investors 
will not be entitled to the benefits of that Act. The securities described  in 
this announcement  have  not  been  and  will  not  be  registered  under  the 
Securities Act, or with  any securities regulatory authority  of any state  or 
other jurisdiction of the United States and may not be offered or sold, within
the United States, or to or for the account or benefit of U.S. Persons, except
pursuant to  an  exemption from,  or  in a  transaction  not subject  to,  the 
registration requirements of the  Securities Act, and  in compliance with  any 
applicable securities laws of  any state or other  jurisdiction of the  United 
States and under  circumstances which  would not require  Carador to  register 
under  the  Investment   Company  Act.  The   securities  described  in   this 
announcement are being offered and sold (i) outside the United States only to,
or for the account  or benefit of, non-U.S.  Persons pursuant to Regulation  S 
under the Securities Act and (ii) within the United States only to, or for the
account or benefit of, persons  who are both "qualified institutional  buyers" 
as defined in Rule 144A under the Securities Act and "qualified purchasers" as
defined in Section 2(a)(51) of the Investment Company Act. No public offering
of the securities is being made in the United States.



The securities described in this  announcement are subject to restrictions  on 
transferability and resale and may not  be transferred or resold, directly  or 
indirectly, in or into the United States, or to or for the account or  benefit 
of U.S.  Persons,  or  under  circumstances which  would  require  Carador  to 
register under the Investment Company Act.



These materials  may include  statements that  are, or  may be  deemed to  be, 
"forward-looking statements". In some  cases, such forward-looking  statements 
can be identified  by the  use of forward-looking  terminology, including  the 
terms "targets", "believes", "estimates", "anticipates", "expects", "intends",
"may", "will" or "should" or, in each case, their negative or other variations
or comparable terminology. 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.  Forward-looking 
statements are  not guarantees  of future  performance. The  Company's  actual 
performance,  results  of  operations,  internal  rate  of  return,  financial 
condition, liquidity, distributions to shareholders and the development of its
financing strategies may differ materially from the impression created by  any 
forward-looking statements contained in this document.



The securities described in this announcement may not be acquired by investors
using assets of (a) an  employee benefit plan (as  defined in Section 3(3)  of 
the  U.S.  Employee  Retirement  Income  Security  Act  of  1974,  as  amended 
("ERISA")) subject to Part 4 of Subtitle B of Title I of ERISA (a "Plan"); (b)
a plan described in  Section 4975(e)(1) of the  U.S. Internal Revenue Code  of 
1986, as amended (the "Code") to which Section 4975 of the Code applies (also,
a "Plan");  (c) any  entity whose  underlying assets  include Plan  assets  by 
reason of a Plan's investment in such entity (together with Plans, a  "Benefit 
Plan Investor");  or  (d) any  other  employee  benefit plan  subject  to  any 
federal, state, local or other law or regulation that is substantially similar
to the prohibited transaction  provisions of Section 406  of ERISA or  Section 
4975 of the Code (an "Other Plan"), or any entity that is acting on behalf  of 
or using the assets of any Benefit Plan Investor or Other Plan with respect to
the purchase,  holding or  disposition  of the  securities described  in  this 
announcement.



Singer, which  is  authorised and  regulated  in  the United  Kingdom  by  the 
Financial Services  Authority,  is  acting  for Carador  and  no-one  else  in 
connection  with  the  potential  offering  of  securities  by  Carador   (the 
"Offering") and  is not  advising any  person or  treating any  person as  its 
customer in relation  to the Offering  and will not  be responsible to  anyone 
other than  Carador for  providing the  protections afforded  to customers  of 
Singer Capital Markets  Limited or  for providing  advice in  relation to  the 
Offering.



Dexion, which  is  authorised and  regulated  in  the United  Kingdom  by  the 
Financial Services  Authority,  is  acting  for Carador  and  no-one  else  in 
connection with the Offering  and is not advising  any person or treating  any 
person as its customer in relation to the Offering and will not be responsible
to anyone  other  than  Carador  for providing  the  protections  afforded  to 
customers of Dexion  Capital plc or  for providing advice  in relation to  the 
Offering.



By reading this document you will be deemed to have represented, warranted and
undertaken for the benefit of  Singer and Dexion and  others that (a) you  are 
outside the United States and not a  U.S. Person, (b) you have read and  agree 
to comply with the contents of this  notice, you will keep the information  in 
this document and delivered in  any accompanying document and all  information 
about Carador confidential, and will not reproduce or distribute, directly  or 
indirectly, any such information, and (c) you are permitted in accordance with
applicable laws to receive such information.





                     This information is provided by RNS
           The company news service from the London Stock Exchange

END


MSCBGGDRLBDBGDX -0- Jul/23/2012 10:18 GMT