SVG Capital - Rights issue and placing

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Slaughter and May is advising SVG Capital on a partially underwritten rights issue and placing to raise approximately £200 million.

SVG Capital has also announced a cap on its original commitment to Permira IV at 60 per cent., resulting in a reduction of total uncalled commitments from £796.3 million to £343.8 million. SVG Capital has also renegotiated covenants with senior lenders.

The rights issue and placing and reduction in uncalled commitments were announced on 18 December, 2008.

JPMorgan Cazenove Limited is acting as sole sponsor and bookrunner and JPMorgan Cazenove Limited and Key Capital Investment Management Limited are acting as joint financial advisers to the rights issue and placing. The rights issue is partially underwritten by J.P. Morgan Securities Ltd.

Robin Ogle (partner), Andrew Jolly (partner), Robert Dixon (associate), Philip Linnard (associate), Gabriel Carnwath (associate); Tax: Tony Beare (partner), James Hume (associate)