15th April 2011
Greenwich Loan Income Fund Limited ("GLIF" or the "Company")
Quarterly CLO Test Results
The Company announces the test results as of 5 April 2011 pursuant to the indenture of T2 Income Fund CLO I Ltd (the "CLO"), of which the Company owns all of the residual economic interest. The report summarising the results of those tests can be found at the link below:
http://www.rns-pdf.londonstockexchange.com/rns/9514E_-2011-4-14.pdf
The quarterly results as of 5 April 2011 indicate that the CLO met all of the covenant tests necessary for a full payment to be made to the Company, and approximately US$2.5 million has been received from the trustee. The CLO also passed all of the percentage limitation tests.
As described in previous press releases, the CLO indenture contains a variety of covenants, compliance with which could be made more difficult or impossible should credit markets deteriorate or the loans held by the CLO fail to make expected payments or otherwise not perform, or for a variety of other reasons, and which if violated could result in additional principal paydowns of the CLO's notes and/or interest diversion.
Contacts:
Geoffrey Miller
Greenwich Loan Income Fund Limited
+353 1 4433 466
Patrick Conroy
Greenwich Loan Income Fund Limited
+1 203 983 5282
Philip Secrett
Nominated Adviser
Grant Thornton Corporate Finance
+44 (0) 20 7383 5100
James Maxwell
Singer Capital Markets Limited
+44 (0) 20 3205 7622
Ed Gascoigne Pees
Financial Dynamics
+44 (0) 20 7269 7132