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“Relevant persons” are (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2) (a) to (d) of the Order. The securities of the Company are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not access, or seek to act or rely on, this website: or any of its contents.
There has been a continued strong recovery from March lows. At the end of the month, the average price for Volta’s USD CLO debt was 71.8%. All the company’s USD CLO debt positions are receiving their coupons in full; none of them have been downgraded. Of all their equity positions, only one is expected to suffer a July diversion of cash flow (a 2013 position that has significantly amortised). Of the other CLO equity positions, three out of 46 came close to breaching a reinvestment test, but they improved in May and June, and now have larger cushions. The future will have challenges, but this appears more than priced into CLO positions.
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