H2O AM is initiating the first phase of reimbursement of the ring-fenced funds following a partial reimbursement from the FSSSN at the end of December 2022.
On July 29, 2022, H2O AM shared the various steps and actions implemented in the liquidation of the assets of the segregated funds under the best possible conditions. H2O AM had also indicated its objective of obtaining the first cash reimbursements from the Tennor Group during the year and thus being able to initiate the reimbursement phase for the Side Pockets (SP). As a reminder, the process for the disposal of segregated assets was reorganized in May 2021, in particular thanks to the issuance of the “First Super Senior Secured Note” (FSSSN), simplifying the asset holding structure.
Following a partial reimbursement by the FSSSN at the end of December 2022, its nominal value will therefore be reduced by €250 million and the first phase of reimbursement of unitholders will be implemented in the coming days. Once this new step has been taken, H2O AM reaffirms its commitment to complete the full sale of the ring-fenced assets. As the company itself is invested in SP funds, H2O AM’s interests are fully aligned with those of its investors.
The company would like to emphasize that it will ensure that all unitholders are treated equally when executing these redemptions. Any recourse to third-party associations will not derogate from the principle of equality of bearers to which H2O AM is bound.
After consulting its various partners, H2O AM will soon send a letter to all SP fund holders detailing the practical terms of reimbursement.
H2O AM reminds that its FCP funds, invested in Global Macro strategies, are open to subscriptions. Their performances and their regulatory documentation can be consulted on numerous sites, in particular that of H2O AM.