Third Point Investors Limited entered into a loan agreement to employ gearing and will seek approval of an extension of its exchange facility as part of a previously announced package of changes aimed at enhancing shareholder value. TPIL has entered into a credit facility, pursuant to which it will borrow approximately $150 million at a rate of LIBOR plus 2.4% for a period of two years, with the ability to extend annually or repay early subject to small “make whole” payments. The proceeds will be used to invest in the Master Fund and will be deployed gradually before year-end in consultation with the Investment Manager. Importantly, the Investment Manager will not charge a management fee in respect of the Master Fund units acquired by the Company using this leverage. The credit facility is the latest of the Company’s announced list of changes to be enacted after the completion of a strategic review conducted in consultation with shareholders.