RM Secured Direct Lending PLC Quarterly Update (6178T)
October 16 2017 - 1:01AM
UK Regulatory
TIDMRMDL
RNS Number : 6178T
RM Secured Direct Lending PLC
16 October 2017
16 October 2017
RM Secured Direct Lending Plc
("RMDL" or the "Company")
LEI: 213800RBRIYICC2QC958
Quarterly Update
RMDL, an investment trust specialising in secured debt
investments, today announces its quarterly update, having continued
to deploy funds and grow its portfolio of higher yielding secured
lending opportunities. The Factsheet for the period to 30 September
2017 is now available to be viewed on the Company website
https://rm-funds.co.uk/rmdl/investor-reports/.
As at 30 September 2017, the NAV per share was 99.51p and Total
Net Assets were GBP57.02m. A dividend of 0.2p was paid during the
month of September for the period from 1 April 2017 to 30 June
2017.
The Company's portfolio now comprises a total of 21 Loans across
10 sectors, with an average yield of 8.26% and a weighted-average
life of 3.74 years.
The Company now has GBP68m of commitments of which GBP51m has
been deployed on a cash basis. Approximately 75% of the portfolio
is invested in private bi-lateral loans or private club loans with
the remainder in public debt transactions. Over the period there
have been two divestments, one pre-payment and one loan
maturity.
New transactions during the quarter include:
-- Asset Finance Business: GBP5.5m loan to a specialist asset
finance business. The investment is secured over a portfolio of c.
500 discrete assets (including plant, equipment and associated cash
flows).
-- Energy: GBP3m investment to Solarplicity refinancing an
operational solar park. This is RMDL's fourth investment into UK
renewable companies meaning the Company has financed 105MWs of
renewable energy generation, equivalent to powering over 35,000
homes. A second drawdown by Solarplicity is expected in
October.
-- Food Manufacturer: Participation of GBP3m as part of a larger
refinancing to Valeo Foods. The lower cost of Valeo's products
offers a less cyclical investment exposure with stable and growing
earnings, coupled with strong cashflow generation which makes it an
attractive opportunity.
-- Property: GBP4.9m investment with a day one drawdown of
GBP2.6m to Strawberry Star, a property development company. The
proceeds will purchase and develop a mixed-use site in Wandsworth
into 77 residential units, flexible work space and restaurant
accommodation.
Pre-payment of Facilities:
-- Energy & Waste: Early repayment of two debt facilities
which totalled GBP5.15m. In order to pre-pay the loan the borrower
was charged a pre-payment fee of GBP531,000 which is of immediate
benefit to the Company.
Divestments
-- Two divestments with a face value of GBP5m have been made
within the more liquid lower yielding part of the portfolio in
order to raise cash to deploy into soon to be closed, higher
yielding opportunities. This is consistent with the investment
strategy as outlined to investors and has increased the average
yield on the portfolio to 8.28%.
Fundraise Update:
As previously announced, the Investment Manager is seeking to
raise additional capital for the Company to satisfy a healthy
pipeline of active opportunities. A number of investor meetings
were held towards the end of September and early October. Further
announcements will be made in due course.
James Robson, Chief Investment Officer of RM Capital Markets
Limited, said:
"During the last quarter RM have continued to find excellent
opportunities for the Company and have deployed capital to
investments of varying sizes, that meet our strict credit criteria,
and that enable us to continue to deliver value to shareholders.
The portfolio has begun to mature and the strategy of rotating out
of lower yielding more liquid investments into higher yielding
private investments has seen the overall portfolio yield increase
during the period.
We are delighted to see benefits flow through to shareholders
from the pre-payment fee achieved in August which demonstrates the
robustness of the RM lending approach. Q4 is exciting as we look to
close our pipeline of exciting opportunities and grow the Company
size to increase liquidity for shareholders and broaden the
investments within the portfolio"
-End-
For further information, please contact:
RM Capital Markets Limited - Investment Manager
James Robson
Pietro Nicholls
Tel: 0131 603 7060
International Fund Management - AIFM
Chris Hickling
Shaun Robert
Tel: 01481 737600
PR Enquiries
Tel: 0131 603 7060
PraxisIFM Fund Services (UK) Limited - Administrator and Company
Secretary
Anthony Lee
Ciara McKillop
Tel: 020 7653 9690
Nplus1 Singer Advisory LLP - Financial Adviser and Broker
James Maxwell
James Hopton
Tel: 020 7496 3000
About RM Secured Direct Lending
RM Secured Direct Lending Plc ("RMDL" or the "Company") is a
closed-ended investment trust established to invest in a portfolio
of secured debt instruments.
The Company aims to generate attractive and regular dividends
through loans sourced or originated by the Investment Manager with
a degree of inflation protection through index-linked returns where
appropriate. Loans in which the Company invests are predominantly
secured against assets such as real estate or plant and machinery
and/or income streams such as account receivables.
For more information, please see
https://rm-funds.co.uk/rmdl/investor-relations/
This information is provided by RNS
The company news service from the London Stock Exchange
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