ACP Capital completes refinancing of IFR Capital

20 December 2007

ACP Capital Limited ("ACP Capital": APL.LN), the merchant bank and asset manager focused on European small and medium sized enterprises, today announces that it, as adviser and joint mandated lead arranger to IFR Capital plc ("IFR Capital": IFR.LN), has successfully completed the primary syndication of €175 million of senior and second lien debt to a number of European banks and investors, out of an approximately €223 million refinancing for IFR Capital (the "Debt").

This refinancing repays the €142 million bridge facility ACP Capital provided to IFR Capital in July 2007 and approximately €80 million of cash is being released upfront to ACP Capital.

Following the refinancing, ACP Capital will hold an approximately €24 million bridge preferred equity position, which it expects to be repaid by IFR Capital in 2008, as well as €47 million of senior debt that it expects to sell down to a final hold of €20 million by the end of the first quarter of 2008, releasing a further approximately €30 million of cash to ACP Capital. This final holding of senior debt is intended to be warehoused for the forthcoming launch of ACP Capital Senior, ACP Capital's senior debt managed vehicle.

As part of its role as adviser, ACP Capital co-ordinated and achieved a private rating of IFR Capital and Debt from Fitch Ratings, enabling ACP Capital to access its ACP Capital Senior funding facility provided by Deutsche Bank.

The cash released will enable ACP Capital to pursue further strategic transactions in the short to mid-term.

ACP Capital will announce preliminary results for the 12 months ended 31 December 2007 no later than 29 February 2008

Enquiries to :

Rob Bailhache & Nick Henderson, Financial Dynamics
(Media Relations)		 +44 (0) 207 269 7200
Sacha Macintosh, ACP Capital UK LLP +44 (0) 844 800 4530
Chris Wells, Stewart Wallace, Collins Stewart +44 (0) 207 523 8350
Andrew Thompson, Robert Redshaw, Citigroup +44 (0) 207 986 4000


For further information on ACP Capital, please visit www.acpcapital.com.

About ACP Capital

ACP Capital Limited (LSE AIM: APL) is a Jersey-incorporated specialist integrated finance and asset management company focused on European small and mid-sized enterprises. ACP Capital provides equity, mezzanine and senior debt to companies targeting an integrated finance solution across their capital structure. ACP Capital aims to benefit from the strong growth in SME demand for integrated finance to optimise corporate profitability and the reduced appetite for SME lending among traditional banks owing to higher regulatory capital requirements. ACP Capital is establishing strategic platforms in Germany, France, the United Kingdom and Italy to originate lending and investment opportunities to generate interest and fee income. In addition ACP Capital earns management and performance-related fees from its listed investment vehicles ACP Mezzanine Limited and IFR Capital Plc. Since January 2006 ACP Capital has raised £215 million of public equity from leading institutional investors in primary and secondary transactions.