RM Secured Direct Lending PLC Portfolio Update (3544V)
08 April 2019 - 4:00PM
UK Regulatory
TIDMRMDL TIDMTTM
RNS Number : 3544V
RM Secured Direct Lending PLC
08 April 2019
RM Secured Direct Lending PLC
Portfolio Update: Full deployment of cash, prepayment of Loan
investment and Sale of Equity Warrants.
RMDL commits c.GBP23m across three transactions
RM Secured Direct Lending PLC (the "Company" or "RMDL"), the
investment trust specialising in providing tailored debt solutions,
is pleased to announce that so far during the month of April it has
deployed all cash available for investment. Future Loan commitments
are expected to be funded from a variety of sources including any
repayments under existing Loans, divestments of existing Loans,
additional capital raises and the utilisation of its GBP10m
Revolving Credit Facility ("RCF").
Prepayment of Loan Facilities and Sale of Equity Warrants
Two Loans totalling GBP6.25m have been prepaid in accordance
with the terms of the respective Loan agreements. In addition, the
Investment Manager has agreed to sell equity warrants issued to
RMDL by one of the Borrowers in connection with its Loan. The
combined prepayment penalties and the net proceeds of the warrant
sale total c.GBP1.5m, or 1.3 pence per ordinary share, which will
be reflected in the 31 March 2019 Net Asset Value.
Full Deployment of March Capital Raise Proceeds
The proceeds of the Company's recent fundraise, completed in
March, have been deployed across three new transactions. All three
transactions, originated and structured by the Investment Manager,
are consistent with RMDL's investment approach, offer robust
security packages and yield cash coupons in excess of 8.75% per
annum.
Revolving Credit Facility
The RCF offers RMDL flexible capital for maintaining and
preserving liquidity and general corporate purposes, including for
investment in its substantial pipeline of opportunities. RMDL does
not incur any non-utilisation fees in connection with the facility.
Repayment of the facility is expected to be funded through
repayments and divestments of existing Loans and through further
capital raises.
Further details of the three transactions funded by the
Company's recent fundraise, together with RMDL's wider portfolio,
will be detailed in the quarterly factsheet expected to be
published on or around the 16(th) April 2019.
Norman Crighton, Chairman of the Company, said:
"RMDL continues its track record of sourcing strong credit
opportunities and actively deploying funds into high quality
investments. We remain confident in our Investment Manager's
approach in ensuring the portfolio is well balanced and set to
deliver sustainable income and returns for shareholders."
END
For further information, please contact:
RM Funds - Investment Manager
James Robson
Pietro Nicholls 0131 603 7060
N+1 Singer Advisory LLP - Financial Adviser
and Broker
James Maxwell
Lauren Kettle 020 7496 3000
Tulchan Communications LLP - Financial PR 0207 353 4200
Elizabeth Snow rmdl@tulchangroup.com
Deborah Roney
PraxisIFM Fund Services (UK) Limited - Administrator
and Company Secretary
Anthony Lee
Ciara McKillop 020 7653 9690
About RM Secured Direct Lending
RM Secured Direct Lending Plc 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.
About RM Capital Markets Limited
RM Funds is a trading name of RM Capital Markets Limited, the
Investment Manager to RM Secured Direct Lending PLC and VT RM
Alternative Income Fund. RM Capital is a specialist in alternative
fund management, sales & trading, foreign exchange, and capital
markets and advisory. Founded in 2010, with offices in Edinburgh,
and London, it has transacted in excess of GBP50 billion of bonds
and loans since its inception, and advised or originated,
structured and managed the due diligence process for over GBP1
billion of Sterling credit transactions and approximately EUR700
million of Euro based transactions in each case since 2012.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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