News
Credit Suisse Supply Chain Finance Funds: Fifth payment of liquidation proceeds
September 27, 2021
Main points:
- Between March and August 2021, USD 5.9 bn in four installments was returned to investors in the Credit Suisse Supply Chain Finance Funds (SCFFs).
- The fifth payment of proceeds from the recovery of assets underlying the Credit Suisse (Lux) Supply Chain Finance Fund and Credit Suisse Nova (Lux) Supply Chain Finance High Income Fund is expected to be distributed to investors in those funds in the week of September 27.
- Approximately USD 0.4 bn is available for distribution which would bring the total amount returned to all investors to approximately USD 6.3 bn.
- Further liquidation proceeds will be paid out to investors as soon as practicable in one or more installments. Investors will be notified of such payments.
- Updated information on the funds and exposures is provided below as further information.
Further cash distribution
Between March and August 2021, USD 5.9 bn was returned to investors in the SCFFs in four installments. The fifth payment of liquidation proceeds, totaling approximately USD 0.4 bn, is expected for the week of September 27, 2021, distributing proceeds to investors in the Credit Suisse (Lux) Supply Chain Finance Fund and Credit Suisse Nova (Lux) Supply Chain Finance High Income Fund.
| Fund | Amount available for distribution | Estimated announcement date |
| Credit Suisse (Lux) Supply Chain Finance Fund | approx. USD 350 mn | September 27, 2021 |
| Credit Suisse Nova (Lux) Supply Chain Finance High Income Fund | approx. USD 50 mn | September 27, 2021 |
| Credit Suisse Nova (Lux) Supply Chain Finance Investment Grade Fund | No pay-outs planned in September | September 27, 2021 |
| Credit Suisse Supply Chain Finance Investment Grade Fund | No pay-outs planned in September | September 27, 2021 |
This will bring the total amount returned to investors in the SCFFs so far to approximately USD 6.3 bn.
The funds’ total cash position, including the USD 5.9 bn that has already been distributed to investors and current cash and cash equivalents in the funds, amounts to approximately USD 7.0 bn, which is 70% of the funds’ AuM at the time of their suspension.
The remaining liquidation proceeds will be paid out to investors as soon as practicable in one or more installments.
Investors will receive notification of such payments.
Additionally, an updated Investor Q&A as well as SCFF portfolio details will be provided in October 2021.