Travers Smith LLP has acted for Numis Securities Limited in its capacity as placing agent and sole bookrunner on the US$69 million placing and offer for subscription of C shares by Fair Oaks Income Limited ("FOIL"), an investor in US and European CLOs, and other vehicles which provide exposure to high-yielding floating rate senior secured loans.
The C shares were admitted to trading on the Specialist Fund Segment of the Main Market of the London Stock Exchange on 5 April 2017.
The proceeds of the issue will be used by FOIL to invest in a new master fund, FOMC II LP, which will invest in US and European CLOs or other vehicles and structures which provide exposure to portfolios consisting primarily of US and European floating rate senior secured loans.
Numis is also engaged as FOIL's placing agent and sole bookrunner in connection with the placing programme of up to a further US$250 million of shares over the course of the next 12 months.
The Travers Smith team was led by Investment Funds partner Aaron Stocks, who was assisted by Investment Funds associate Stuart MacKenzie.