TIDMMPLF
RNS Number : 9171O
Marble Point Loan Financing Limited
22 May 2018
NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR
INDIRECTLY, TO U.S. PERSONS OR IN OR INTO THE UNITED STATES,
AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA OR JAPAN, OR ANY
OTHER JURISDICTION, OR TO ANY PERSON, WHERE TO DO SO WOULD
CONSTITUTE A VIOLATION OF APPLICABLE LAW.
22 May 2018
Marble Point Loan Financing Limited
(the "Company" or "MPLF")
Unaudited Net Asset Value and Publication of Monthly Report
As at the close of business on 30 April 2018, the estimated
unaudited net asset value ("NAV") per Ordinary Share of the Company
("Share") is as follows:
Share class April Month March Month Change in Total Return
End NAV End NAV NAV since Admission
(1)
------------- ------------- ------------- -------------- -----------------
Ordinary
Share USD 0.9775 USD 0.9791 USD (0.0016) (0.19%)
------------- ------------- ------------- -------------- -----------------
For the month, MPLF's total return based on NAV is estimated at
0.90%. During this same period, the Credit Suisse Levered Loan
Index, the ICE BofAML US High Yield Index and the S&P 500
registered total returns of 0.49%, 0.68% and 0.27%, respectively.
(2)
From 31 March 2018 MPLF's NAV increased by 0.90% to $0.9879.
During the month of April a dividend of $0.0104 per share was paid,
resulting in an ex-dividend NAV of $0.9775 as at 30 April 2018.
On 13 April 2018, MPLF funded $5 million into a loan
accumulation facility ("LAF") for the benefit of further ramping
Marble Point CLO XII. Subsequent to month end, MPLF funded an
incremental $5 million in this LAF. The combined $10 million
represents a pre-funding of the $22.1 million MPLF has committed to
invest in this CLO.
On 30 April 2018, MP CLO Management LLC priced a refinancing of
MP CLO VIII. This transaction lowered the weighted average cost of
debt ("WACD") by 68 basis points from LIBOR + 208 basis points to
LIBOR + 140 basis points. In addition, certain Collateral Quality
Tests in the CLO were restated and/or extended, which provides
additional investment flexibility with respect to the underlying
CLO portfolio.
On 30 April 2018, MPLF funded an incremental $1 million into an
existing LAF to continue accumulating loans with the intention of
converting the LAF into a new CLO investment later this year. The
total investment in the LAF now stands at $11 million.
During the month, the Funding Subsidiary continued to ramp its
loan portfolio, increasing exposure from $110.3 million at the
beginning of the month to $121.7 million as at 30 April 2018.
As reported by S&P/LCD, during the month the lagging
12-month default rate on the S&P/LSTA Leveraged Loan Index
decreased from 2.42% to 2.37%. While Nine West filed for
bankruptcy; the decline reflects the fact that other defaulted
credits rolled off the lagging 12-month calculation. MPLF had no
exposure to Nine West. (3)
As reported by S&P/LCD, 18 U.S. CLOs were issued during the
month, representing approximately $10.9 billion of volume bringing
the YTD total to $43.0 billion (as compared to $27.6 billion for
the YTD 2017 period). The volume of CLO refinancings and resets
also remained strong, with $3.8 billion ($9.6 billion YTD) and
$16.0 billion ($41.6 billion YTD) of issuance during the month,
respectively. (3)
Subsequent to month end, on 16 May 2018, MP CLO Management LLC
directed the Trustee of MP CLO VII to post a notice related to the
potential reset of the CLO.
MPLF's Monthly Report as at 30 April 2018 is available under
"Monthly Fund Reports" on the Company's website at the following
link:
www.mplflimited.com
(1) The NAV per Share and net returns shown are estimated,
unaudited and subject to adjustment and reflect the net total NAV
return for the periods shown since MPLF's admission to the London
Stock Exchange (13 February 2018), inclusive of dividends paid to
shareholders, through 30 April 2018 after taking into account
estimated listing and offering costs and profits and loss
pre-admission. Such results reflect the deductions of applicable
management fees and expenses at the MPLF Funding Ltd. and
underlying Marble Point CLO levels.
(2) The ICE BofAML US High Yield Index tracks the performance of
US dollar denominated below investment grade corporate debt
publicly issued in the U.S. domestic market. The Credit Suisse
Levered Loan Index tracks the investable universe of the US dollar
denominated leverage loan market. Index returns do not reflect any
deductions for fees, expenses or taxes. You cannot invest directly
in an index.
(3) Source: S&P Capital IQ.
NOTE: PAST PERFORMANCE IS NOT INDICATIVE OF, OR A GUARANTEE OF,
FUTURE PERFORMANCE.
IMPORTANT INFORMATION
MPLF is a closed-ended investment company with its ordinary
shares admitted to trading on the Specialist Fund Segment of the
Main Market of the London Stock Exchange. MPLF is invested in a
diversified portfolio of US dollar denominated, broadly syndicated
floating rate senior secured corporate loans via collateralised
loan obligations and related vehicles managed by Marble Point
Credit Management LLC ("Marble Point") and its affiliates. Marble
Point is an investment adviser registered with the U.S. Securities
and Exchange Commission.
This document has been issued by Marble Point Loan Financing
Limited (the "Company" or "MPLF") and is the sole responsibility of
the Company. This document and the information and views included
herein do not constitute investment advice, or a recommendation or
an offer to enter into any transaction with the Company or any of
its affiliates. Each recipient of this document should make such
investigations as it deems necessary to arrive at an independent
evaluation of any investment and should consult its own legal
counsel and financial, actuarial, accounting, regulatory and tax
advisers to evaluate any such investment. This document is provided
for informational purposes only, does not constitute an offer to
sell the shares issued by the Company (the "Shares") or a
solicitation of an offer to purchase any such Shares in the United
States, Australia, Canada, the Republic of South Africa, Japan or
any other jurisdiction, and is not a prospectus. This document may
not be relied upon and should not be used for the purpose of making
any investment decision.
Past performance is not a reliable indicator of current of
future results. The value of investments may go down as well as up
and investors may not get back any of the amount invested.
The value of investments designated in another currency may rise
and fall due to exchange rate fluctuations in respect of the
relevant currencies. Adverse movements in currency exchange rates
can result in a decrease in return and a loss of capital.
This document is for information purposes only. No recipient may
forward, reproduce, distribute, or make available in whole or in
part, this document (directly or indirectly) to any other person.
The distribution of this document in certain jurisdictions may be
restricted by law and recipients of this document should inform
themselves about and observe any such restrictions and other
applicable legal requirements in their jurisdictions. This
document, and the information contained therein, is not for
viewing, release, distribution or publication in or into the United
States, Australia, Canada, the Republic of South Africa or Japan or
any other jurisdiction where applicable laws prohibit its release,
distribution or publication, and will not be made available to any
national, resident or citizen of the United States, Australia,
Canada, the Republic of South Africa or Japan. The distribution of
this document in other jurisdictions may be restricted by law and
persons into whose possession this document comes must inform
themselves about, and observe, any such restrictions. Any failure
to comply with the restrictions may constitute a violation of the
federal securities law of the United States or the laws of other
jurisdictions.
The Shares have not been and will not be registered under the
U.S. Securities Act of 1933, as amended, or with any securities
regulatory authority of any state or other jurisdiction of the
United States and may not be offered or sold in the United States
to, or for the account or benefit of, U.S. persons unless they are
registered under applicable law or exempt from registration. The
Company has not been and will not be registered under the U.S.
Investment Company Act of 1940, and investors will not be entitled
to the benefits of such Act.
There is no guarantee that any of the goals, targets or
objectives described in this document will be achieved. The
investment strategies of the Company described herein may not be
suitable for all investors and are not intended to constitute a
complete investment program. Neither Marble Point nor the Company
makes any representation or warranty (express or implied) with
respect to the information contained herein (including, without
limitation, information obtained from third parties) and each of
them expressly disclaims any and all liability based on or relating
to the information contained in, or errors or omissions from, these
materials; or based on or relating to the use of these materials;
or any other written or oral communications transmitted to the
recipient or any of its affiliates or representatives in the course
of its evaluation of the information herein.
None of the Company, Marble Point or any of their respective
parent or subsidiary undertakings, or the subsidiary undertaking of
any such parent undertakings, or any of such person's respective
partners, shareholders, directors, members, officers, affiliates,
agents, advisors or representatives shall have any liability
whatsoever (in negligence or otherwise) for any loss howsoever
arising from any information or opinions presented or contained in
this document nor shall they accept any responsibility whatsoever
for, or make any warranty, express or implied, as to the truth,
fullness, accuracy or completeness of the information in this
document (or whether any information has been omitted from the
document) or any other information relating to the Company, Marble
Point or their respective subsidiaries or associated companies, in
any form whatsoever, howsoever transmitted or made available or for
any loss howsoever arising from any use of this document or its
contents or otherwise arising in connection therewith. This shall
not affect any liability any such person may have which may not be
excluded under applicable law or regulation.
A Note on Forward Looking Statements. This document includes
forward-looking statements. Forward-looking statements include all
matters that are not historical facts. Actual results may differ
materially from any results projected in the forward-looking
statements and are subject to risks and uncertainties. Such
statements are based on current expectations, involve known and
unknown risks, a reliance on third parties for information, and
other factors that may cause actual results to differ materially
from the anticipated results expressed or implied by such
forward-looking statements. The Company and Marble Point caution
readers not to place undue reliance on such statements. Neither the
Company nor Marble Point undertakes, and each specifically
disclaims, any obligation or responsibility, to update any
forward-looking statements to reflect occurrences, developments,
unanticipated events or circumstances after the date of such
statement. Actual results may differ materially from the Company's
and/or Marble Point's expectations and estimates.
The information shown herein is estimated, unaudited, for
background purposes only, representative as of the dates specified
herein, subject to adjustment and not purported to be full or
complete. Nothing herein shall be relied upon as a representation
as to the current or future performance or portfolio holdings of
the Company or any strategy or investment vehicle. Certain
information presented herein has been obtained from third party
sources and is believed to be reliable. However, neither the
Company nor Marble Point represents that the information contained
in this document (including third party information) has been
independently verified or is accurate or complete, and it should
not be relied upon as such. Index information, if any, has been
provided for illustration purposes only. Any such information does
not reflect the effect of transaction costs, management fees or
other costs which would reduce returns. An investor cannot invest
directly in an index.
Any of the views or opinions expressed herein are current views
and opinions only and may be subject to change. Statements made
herein are as of the date of this document and should not be relied
upon as of any subsequent date. All information is current as of
the date of this document and is subject to change without
notice.
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
NAVKMGZKFZKGRZM
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