INVESTORS INFO
Investors information:
Nansen Leisure Fund will be created in the 3th quarter 2019, and will issue bonds onthe the following basic conditions:
Nansen Leisure Fund S.A.
The Bonds for Kart Park Spain are being issued by a separate legal entity, Nansen Leisure Fund S.A. in Luxembourg and hence removing it from the operational risk and credit worthiness of Kart Park Spain S.L. Bondholders are not exposed to the financial performance of Sun Kart Spain S.L., and are fully secured by the assets of Kart Park Malaga S.L. and further secured by a default guarantee insurance policy. This set up was chosen as this makes the issuer, Nansen Leisure Fund S.A., bankruptcy remote, and it clearly separates the risk of the operating company (Sun Kart Spain S.L.) from the risk of the issuer, hence minimizing any risk of the operations may have on the ability to redeem the bondholders.
Sun Kart Spain S.L.
Sun kart Spain S.L. (SKS) is a the real estate development project located in Malaga, Spain which comprises 35 hectares of land with the full license to build a karting racing circuit with a total length of 2,1 km, according to international karting championship standards. Besides the racing circuit the development comprises a mall, a theme parc, fast food restaurants, hotel, (read more details)
The total investment for the completion of the project is EUR 36.5M which shall be financed (including additional costs) with a bond issue executed and managed by Nansen Leisure Fund S.A. in Luxembourg. The total rental income is projected at EUR 5.6M per annum.
Nansen Leisure Fund S.A.
The Bonds for Kart Park Spain are being issued by a separate legal entity, Nansen Leisure Fund S.A. in Luxembourg and hence removing it from the operational risk and credit worthiness of Kart Park Spain S.L. Bondholders are not exposed to the financial performance of Sun Kart Spain S.L., and are fully secured by the assets of Kart Park Malaga S.L. and further secured by a default guarantee insurance policy. This set up was chosen as this makes the issuer, Nansen Leisure Fund S.A., bankruptcy remote, and it clearly separates the risk of the operating company (Sun Kart Spain S.L.) from the risk of the issuer, hence minimizing any risk of the operations may have on the ability to redeem the bondholders.
Sun Kart Spain S.L.
Sun kart Spain S.L. (SKS) is a the real estate development project located in Malaga, Spain which comprises 35 hectares of land with the full license to build a karting racing circuit with a total length of 2,1 km, according to international karting championship standards. Besides the racing circuit the development comprises a mall, a theme parc, fast food restaurants, hotel, (read more details)
The total investment for the completion of the project is EUR 36.5M which shall be financed (including additional costs) with a bond issue executed and managed by Nansen Leisure Fund S.A. in Luxembourg. The total rental income is projected at EUR 5.6M per annum.
Please note:
Security
Sun Kart Spain Bonds S.A. is fully secured by a first lien on all the assets of the Sun Kart Spain S.L., which is governed by and fully enforceable under Luxembourg law. As such the bondholders will have senior security over the assets. To further mitigate any risk of default, the bonds are secured by a default guarantee insurance policy which covers the full principal in the event of any shortfall upon redemption.
Liquidity
The bonds are freely transferable and are traded daily from 9am to 5pm Monday - Friday , in compliance with the listing rules of the Frankfurt Stock Exchange / Deutsche Börse. It will also have liquidity built in for redemptions upon request.
Rating
We expect ARC Ratings, S.A. (ARC) to accord an indicative, investment grade public rating with a stable outlook to the bonds issued by Nansen Leisure Fund S.A. under this transaction. The indicative rating accorded will refer to ultimate repayment of principal and timely repayment of coupon.
Key rating drivers include:
1. The ability to generate revenues consistent with the cash flows considered in the projections and risks associated with the coupon payments and redemption
2. An insurance policy against any default by the issuer, whether coupon or redemption, partial or full, insured by insurance firms with at least an A- rating and global coverage which are part of a expansive reinsurance consortium.
ARC Rating
ARC has been accorded the same mapping standard as the S&P, Fitch and Moody's ("Big 3") CRAs by the European Commission. Therefore, ARC's ratings can be used for capital relief purposes under the standard ratings based approach as well as under Solvency II. Effectively all this means that an ARC rating should be regarded alongside the Big 3. For further information on ESMA and to see ARC listed alongside the Big 3, please visit the website www.esma.europa.eu .
Sun Kart Spain Bonds S.A. is fully secured by a first lien on all the assets of the Sun Kart Spain S.L., which is governed by and fully enforceable under Luxembourg law. As such the bondholders will have senior security over the assets. To further mitigate any risk of default, the bonds are secured by a default guarantee insurance policy which covers the full principal in the event of any shortfall upon redemption.
Liquidity
The bonds are freely transferable and are traded daily from 9am to 5pm Monday - Friday , in compliance with the listing rules of the Frankfurt Stock Exchange / Deutsche Börse. It will also have liquidity built in for redemptions upon request.
Rating
We expect ARC Ratings, S.A. (ARC) to accord an indicative, investment grade public rating with a stable outlook to the bonds issued by Nansen Leisure Fund S.A. under this transaction. The indicative rating accorded will refer to ultimate repayment of principal and timely repayment of coupon.
Key rating drivers include:
1. The ability to generate revenues consistent with the cash flows considered in the projections and risks associated with the coupon payments and redemption
2. An insurance policy against any default by the issuer, whether coupon or redemption, partial or full, insured by insurance firms with at least an A- rating and global coverage which are part of a expansive reinsurance consortium.
ARC Rating
ARC has been accorded the same mapping standard as the S&P, Fitch and Moody's ("Big 3") CRAs by the European Commission. Therefore, ARC's ratings can be used for capital relief purposes under the standard ratings based approach as well as under Solvency II. Effectively all this means that an ARC rating should be regarded alongside the Big 3. For further information on ESMA and to see ARC listed alongside the Big 3, please visit the website www.esma.europa.eu .
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Volg ons
All rights rights of texts, photographs and designs are reserved to Nansen Leisure Fund, logos on this site are the property of their respective companies. Type and printing errors reserved. To texts posted on this site, which is not legally binding.
Projects mentioned on this site are part of/or business plans of the Nansen Leisure Fund 2019-2023
Projects mentioned on this site are part of/or business plans of the Nansen Leisure Fund 2019-2023
Nansen Leisure Fund is a initiative of Nansen Capital
