Monthly Shareholder Fact Sheet
(Thomson Reuters ONE) - CQS Rig Finance Fund Limited: Monthly Shareholder Fact Sheet CQS RIG FINANCE FUND LIMITED Monthly Shareholder Fact SheetCQS Rig Finance Fund Limited (the "Company") a closed-ended investmentcompany incorporated in Guernsey, is pleased to announce that its Monthly Fact Sheet for December 2009 is now available on the Company's website andincludes information on the top ten investments and outstanding borrowings:www.cqsrigfinance.com The price of WTI crude was volatile during December starting and ending themonth around USD79 per barrel, having dropped as low as c. USD70 mid-month. Generally, most major equity and credit markets were stronger in the wake ofpositive economic data and strong corporate earnings expectations. The ML EuroHigh Yield Index showed a return of 2.38%.There was activity in the premium new build jack up market as Vantage Drillinglaunched a USD135m first lien bond issue to fund delivery of a modern 375 footdrilling rig (Topaz Driller) being built at PPL Shipyard in Singapore. The bondissue was oversubscribed and traded up after issuance, demonstrating thatinvestor appetite had returned for this type of paper and providing a referencepoint for the valuation of such new build rigs.There were three important developments during the month for positions held bythe Company.Firstly, it was announced that the UDW semi-submersible drilling rig, PetroRigIII which is under-construction, had been sold at auction to Mexico's Grupo Rfor USD 560 million.* This was at the upper end of market expectations and thebonds traded up following the news. Based on this sale, price recoveries tobondholders should be significant and a cash payout is expected during the firsthalf of 2010. At month end, the bond price was indicated in the region of 90cents.Secondly, the refinancing of Marine Subsea AS was also completed during themonth following the company's announcement that it had taken delivery of thedeepwater intervention vessel named 'Sarah'. Marine Subsea is now fully financedwith a debt maturity profile that matches the long-term nature of its contracts.Under the terms of the restructuring, the two bonds issued by Marine Subsea wereexchanged into a new bond paying 9% coupon in the first two years, stepping upto 12% thereafter. The Company therefore exchanged its notional Africa OffshoreFRN and notional Marine Subsea FRN into a single new USD denominated bond. Further information can be found on the company websitewww.marinesubsea.no.The liquidation of Petroprod Ltd approached completion during the month. TheCompany owns both the fixed rate and the floating rate notes issued by thiscompany. There was a partial repayment for the 10.85% fixed coupon tobondholders of 10 cents in cash during December. No further material recovery isexpected on this bond. The floating rate note price was indicated at 20 centsin the market at the end of the month. We do not anticipate final recovery tomaterially exceed this level and cash is due to be received in Q1 2010.The increase in the NAV based on the above positive events described above waspartially offset by negative moves across other positions in the portfolio,leaving the portfolio slightly up on the month.All market data is sourced from Bloomberg*(source ODS Petrodata)For further information, please contact:Lynette LeProvostSecretaryKleinwort Benson (Channel Islands) Fund Services Limited01481 727111Alastair MoretonDirector, Corporate FinanceArbuthnot Securities020 7012 2000[HUG#1375805]
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Datum: 21.01.2010 - 11:26 Uhr
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