VPC Speciality Lending invests more in Borro – Victory Park Capital, VPC Speciality Lending’s investment manager has decided that the funds that it runs will take a majority equity stake in Borro. Through this transaction, VPC Speciality Lending will end up owning approximately 49% of Borro. The remaining 51% of the equity will be held by other vehicles managed by Victory Park Capital and Borro’s senior management team. VPC Speciality Lending will keep its outstanding senior secured debt position of approximately GBP32 million, which is secured against Borro’s outstanding loan portfolio. To fund the near term working capital needs of Borro, VPC Speciality Lending, alongside VPC’s other vehicles, will provide a senior secured credit facility of up to $10 million.
Borro Ltd is a leading consumer lender in the UK and US that offers asset-backed lending secured against luxury assets.
Andrew Adcock, Chairman of VPC Specialty Lending Investments PLC commented: “We are supporters of Borro’s restructured business, and its new management team, and therefore we have agreed to expand our investment in Borro, alongside VPC’s other vehicles. We see the opportunity for our shareholders to benefit from a potential increase in the value of the equity over the long term, whilst continuing to make positive returns on our lending to Borro.”
VSL : VPC Speciality Lending invests more in Borro