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Conversus Capital Announces Full Exercise of Over-Allotment Option
GUERNSEY, Netherlands, July 4 /PRNewswire/ --
Conversus Capital, L.P. announced today that the managers of the
international offering of its common units have exercised in full the option
granted to them by Conversus GP, Limited, as the general partner of Conversus
Capital, to purchase an additional 2,400,000 common units. Together with the
common units originally sold in the global offering, the exercise of the
over-allotment option brings the total number of common units to be issued in
the global offering to 73,402,000 common units and the gross proceeds payable
to Conversus Capital from the global offering to US$1,835 million.
Conversus Capital will use the net proceeds of the global offering and
borrowings under a collateralized fund obligation program to purchase from
certain affiliates of Bank of America Corporation ("BAC") a portfolio of
seasoned private equity fund interests for approximately US $1,925 million.
Distributions from the initial portfolio will be reinvested in private equity
fund investments and direct private equity investments.
Conversus Capital's portfolio will be managed via a services agreement by
Conversus Asset Management, LLC ("CAM"), a newly formed investment manager
jointly owned by an affiliate of BAC, Oak Hill Investment Management,
strategic investors, and certain members of CAM's management. Oak Hill
Investment Management will actively participate in managing the portfolio
pursuant to a subadvisory agreement.
This announcement does not constitute or form part of an offer to sell or
solicitation of an offer to purchase or subscribe for securities in the
United States or in any other jurisdiction. The common units have not been
and will not be registered under the U.S. Securities Act of 1933, as amended
(the "Securities Act") or under the securities laws of any other
jurisdiction, and may not be offered or sold in the United States or in any
other jurisdiction absent registration or pursuant to an applicable exemption
from the registration requirements of the Securities Act or from the
registration requirements in any such other jurisdiction.
