BRIEF-Axactor in deal with John Fredriksen's Geveran
Aug 14 (Reuters) - Axactor Publ Ab
* Debt collector Axactor and billionaire John Fredriksen's Geveran Trading enter into co-investment partnership securing EUR 300 million in investment capacity
* Signed a letter of intent regarding establishment of a jointly owned portfolio investment company
* Axactor and geveran will both invest eur 30 million of equity and hold a 50 per cent ownership each
* Axactor AB has today completed a private placement with gross proceeds of NOK 598 million in order to fund Axactor's equity investment in the portfolio investment company
* Geveran will provide a subordinated debt facility of up to eur 120 million
* Portfolio investment company will in addition seek bank financing
* Targeted investment capacity of portfolio investment company will be around eur 300 million
* Portfolio investment company will focus on larger portfolios above eur 30 million in capex and have a first right of refusal on such portfolios
* Portfolio investment company will invest in new portfolios for a period of 24 months after which portfolio investment company will continue to manage portfolios acquired up until then
* Will continue to acquire commercially attractive portfolios below eur 30 million threshold on its own
* Will charge portfolio investment company a 5 per cent mark-up on debt collection services
* Target is for portfolio investment company to be operational from early q4 2017 Source text for Eikon: Further company coverage: (Reporting By Oslo Newsroom)