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Jupiter looks at potential flotation

Jupiter Asset Management has sought an amendment to its £375m loan documents, paving the way for a possible initial public offering.

According to the Financial Times, the change in Jupiter’s loan documents will cost a fee equivalent to 100 basis points on its debt package, while the fund manager has also offered to increase its interest payments by 137 basis points and to make a voluntary £38m pre-payment of debt.

Lenders are due to respond to the move by March 17.

Jupiter manages almost £20bn of assets under management. In 2007 the group paid £740m to Commerzbank in a management buy-out in tandem with US private equity group TA Associates. Leading managers at Jupiter include the likes of Tony Nutt, Philip Gibbs and John Chatfeild Roberts.

One analyst valued Jupiter at £500m but said he would be surprised if Jupiter launched an IPO in the near future following the float of rival fund manager Gartmore.

Gartmore targeted a price range of 250p-330p for its float in December 2009, only to float at 220p.

A Jupiter spokeswoman said: “We are seeking certain amendments to the Senior Credit Facilities on our debt simply as a matter of good house-keeping, giving us greater flexibility if we were ever to undertake an IPO in the future. We have not made a decision to launch an IPO.”

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