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H2O AM will begin the first phase of repayment of ring-fenced funds

H2O AM will initiate in the coming days the first phase of repayment of ring-fenced funds following a partial reimbursement of the FSSSN at the end of December 2022 to reach the first threshold of €250 million reduction in its nominal amount.

On July 29, 2022, H2O AM shared the different steps and actions implemented in the liquidation of the funds assets confined to the best possible conditions (link here). H2O AM had also indicated its objective to obtain the first cash repayments from the Tennor Group within the year and thus to be able to begin the repayment phase of Side Pockets (SP). As a reminder, the process of selling ring-fenced assets had been reorganized in May 2021 thanks to the issuance of the “First Super Senior Secured Note” (FSSSN), simplifying the asset holding structure.

Following a partial repayment of the FSSSN at the end of December 2022, its nominal value will therefore be reduced by €250 million and the first phase of redemption of unitholders will be implemented in the coming days. With this new milestone completed, H2O AM reaffirms its commitment to complete the total disposal of 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 wishes to emphasize that it will ensure that all unitholders are treated equally when making such redemptions. Any recourse to third-party associations will not derogate from the principle of equality of holders 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 repayment.

H2O AM recalls that its FCP funds, invested in Global Macro strategies, are open to subscriptions. Their performance and regulatory documentation can be consulted on many sites including that of H2O AM (https://www.h2o-am.com).

This document was prepared by H2O Asset Management Europe. H2O AM LLP is authorised and regulated by the Financial Conduct Authority (FCA) and is registered in the UK Financial Services Register under reference number 529105, http://www.fca.org.uk/. Company name and registered office: H2O AM LLP, 6th Floor, 33 Cavendish Square, London W1G 0PW, United Kingdom. Company number: OC356207

H2O AM Europe is authorised and regulated by the Autorité des Marchés Financiers under the AMF approval number GP-19000011. The AMF register is available at https://www.amf-france.org. Company name and registered office: H2O AM Europe, 39 avenue Pierre 1er de Serbie, 75008 Paris, RCS Paris company number n° 843 082 538.

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