Global Diversified Investment Grade Income Trust - Net Asset Value as at December 31, 2008 and Special Distribution



    MONTREAL, Jan. 28 /CNW Telbec/ - Global Diversified Investment Grade
Income Trust ("Global DIGIT") (TSX: DG.UN) announces that its net asset value
("NAV") per unit as at December 31, 2008, is estimated to be $1.17.
    The NAV on a particular date is equal to the aggregate value of the
assets of Global DIGIT, less the aggregate value of its liabilities.
    Following the disengagement transaction with MMAI-I Trust announced on
January 21, 2009 (the "Disengagement Transaction"), substantially all of the
assets of Global DIGIT consist of cash and three credit default swaps (the "GD
Swaps") entered into with Deutsche Bank A.G. ("DB") and the related
collateral. Prior to such Disengagement Transaction, the GD swaps were with
MMAI-I Trust ("MMAI") which in turn, had entered into three mirror credit
default swaps with DB.
    The calculation of Global DIGIT's NAV as at December 31, 2008 takes into
account pricing information provided by DB at mid-December 2008 for the
purpose of valuating the GD Swaps. The NAV calculation does not take into
account the creditworthiness of DB as counterparty to the GD Swaps.
    Based on pricing information received from DB as at January 15, 2009,
Global DIGIT understands that changes in financial market conditions will lead
to an increase in the value of the GD Swaps by an amount equivalent to $0.47
per unit. Unitholders are cautioned that the exact NAV as at January 31, 2009
is not determinable before that time and will have to take into account the
value of the other assets and liabilities of Global DIGIT, including the value
of the collateral owned by Global DIGIT, which will only be known at month's
end. As a result, Global DIGIT is not making any projections as to the NAV of
January 31, 2009, but simply wishes to provide investors with certain
information it has received.

    Special Distribution

    Following the Disengagement Transaction, Global DIGIT received payment
from MMAI of the amounts payable under the GD Swaps which were suspended since
August 2007 (the "Accrued Amounts"). These amounts corresponded in the
aggregate close to $0.84 per unit, being approximately equivalent to $0.0495
per unit per month lapsed since the suspension. However, Global DIGIT declared
a one-time distribution of $0.74 per unit, retaining the equivalent of
approximately $0.10 per unit, representing an aggregate amount of about $1
million, being approximately 1% of Global DIGIT's assets. Global DIGIT has
decided to keep this cash amount as a reserve to meet future obligations which
may arise from time to time until the expected maturity date of Global DIGIT.
Global DIGIT will monitor this cash reserve having regards to its obligations
from time to time.
    Moreover, following closing of the Disengagement Transaction, Global
DIGIT also received from MMAI a one-time payment of $0.57 per unit,
representing the amounts accreted (the "Accreted Amounts") in respect of the
residual amount that would otherwise have been payable to Global DIGIT at the
maturity date of the GD Swaps. These amounts were accruing at the MMAI level
and were destined to recover the initial public offering costs of Global DIGIT
of $0.65 per unit. As a result, taking into account the payment of the
distribution of $0.57 per unit announced below, the maximum amount repayable
on the expected maturity date out of the initial subscription price of $10.00
per unit will be limited to $9.35 per unit in the absence of any future Credit
Events resulting in a loss in excess of the First Loss Amount under the GD
Swaps.
    Considering that Global DIGIT has received payment of the Accreted
Amounts prior to the expected maturity date of the GD Swaps, Global DIGIT
hereby announces that it is declaring a one-time distribution of $0.57 per
unit, payable on March 13, 2009 to unitholders of record on February 27, 2009.
Although the exact tax treatment of the Accreted Amounts by Global DIGIT will
not be known before the end of its fiscal year, it is expected that the
payment of the Accreted Amounts should not trigger an income inclusion for
Global DIGIT and would be treated as a capital distribution to current
unitholders.

    Implied NAV Following the Special Distribution

    Following the receipt of pricing information from DB for the purpose of
calculating the NAV as at January 31, 2009, Global DIGIT wishes to provide
unitholders with an overview of its NAV position. The table below illustrates
the implied NAV following the distributions announced since January 21, 2009
and the most recent pricing information received from DB with respect to the
GD Swaps. As indicated above, the implied NAV is only indicative, as the final
NAV as at January 31, 2009 will have to take into account the value of the
other assets and the liabilities of Global DIGIT valued as at such time, and
which cannot be presently determined:

    
    NAV per unit as at December 31, 2008 ..........................  $1.17
    Implied increase in NAV based upon the pricing information
     received from DB..............................................  $0.47
    One-time distribution payable on February 13, 2009............. ($0.74)
    Distribution for the month of January, 2009, payable on
     February 13, 2009............................................. ($0.0495)
    One-time distribution payable on March 13, 2009 announced
     today......................................................... ($0.57)
                                                                    ---------
    Implied NAV as at January 31, 2009 giving effect to the
     foregoing but not taking into account any other changes in the
     value of the other assets and in the liabilities since
     December 31, 2008 (rounded)...................................  $0.28
    

    With the distribution of $0.57 per unit announced today, the total
distributions declared since the beginning of January 2009 amount to $1.36 per
unit.

    Some of the statements contained in this press release, including those
that are predictive in nature, that depend upon or refer to future events or
conditions, or that include words such as "expects", "anticipates", "intends",
"plans", "believes", "estimates", "implied" or similar expressions, are
considered to be forward-looking statements within the meaning of securities
laws. By their very nature, such forward-looking statements require Global
DIGIT to make assumptions and involve inherent risks and uncertainties, both
general and specific. Investors are cautioned not to place undue reliance on
such forward-looking statements, as different factors, many of which are
beyond Global DIGIT's control, could cause actual future results, conditions,
actions or events to vary materially from the objectives, projections,
expectations, estimates or intentions included in these forward-looking
statements. Except as required by law, Global DIGIT does not undertake to
update any forward-looking statements, whether written or oral, that may be
made from time to time, by it or on its behalf. With respect to the implied
NAV as at January 31, 2009, some of these assumptions include, without
limitation, the accuracy and absence of change in the pricing information
received from DB as counterparty to the GD Swaps as at January 15, 2009, and
the absence of change in the value of the assets and liabilities of Global
DIGIT since their last valuation as at December 31, 2008. The factors that may
impact the value of such assets and liabilities and the implied NAV include,
without limitation, future Credit Events affecting the Reference Obligations,
a deterioration in the creditworthiness of the issuer of the financial
instruments given as collateral under the GD Swaps, an increase or decrease in
the value of such financial instruments, whether due to a change in interest
rates, liquidity for such instruments or other factors, and any unforeseen
liability.

    About Global DIGIT

    Global DIGIT provides an economic interest in a mezzanine tranche of
credit default swap in respect of portfolios of synthetic corporate exposures,
mortgage-backed securities, asset-backed securities and structured finance
securities.




For further information:

For further information: François Rivard, (514) 879-6405,
http://info.fbn.ca/trusts

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Global Diversified Investment Grade Income Trust

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