KBRA Affirms the AA- Rating for a Subscription Facility Provided by BNP Paribas to Crown Asia-Pacific Private Equity IV plc
16 Dec 2024 | London
KBRA UK (KBRA) affirms the AA- rating assigned to a secured revolving credit facility (the "Facility") to Crown Asia-Pacific Private Equity IV plc ("CAPE IV" or the "Fund") provided by BNP Paribas (the "Lender"). The Outlook is Stable. CAPE IV is a fund managed by LGT Capital Partners (the "Firm"). The rating was requested by BNP Paribas as a participating lender in the transaction. Neither CAPE IV plc nor any of its associates has requested this report or the rating, and this report has not been prepared for or approved by any of them.
In February 2018, BNP Paribas provided a $60 million committed and secured revolving facility to CAPE IV. The Facility included an accordion feature which was exercised in December 2022 to increase the Facility to a maximum permitted amount of $100 million until June 2023 and this since reduced to $60 million. With effect from 29 November 2024, the maturity of the Facility was extended to 27 December 2025 and the total commitments of the Facility were reduced from $60 million to $50 million.
Crown Asia-Pacific Private Equity IV plc had its final close in September 2019, with a total of $1,021.9 million of commitments. The Fund has received commitments from over 300 LPs, of which 33 are Included Investors for purposes of calculating compliance with the Facility covenants. The investment period is expected to end in October 2025.
LGT Capital Partners is an alternative investment specialist with over $100 billion in assets under management and more than 700 institutional clients in 44 countries. An international team of over 800 professionals is responsible for managing a wide range of investment programs focusing on private markets, multi-alternatives, and diversifying strategies, as well as sustainable and impact strategies. Headquartered in Pfaeffikon (SZ), Switzerland, the Firm has 15 offices around the world.
This press release has been updated on 20 March 2025 to revise text relating to the Disclosures.
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