RM Secured Direct Lending PLC Net Asset Value(s) (9928P)
October 16 2019 - 2:00AM
UK Regulatory
TIDMRMDL TIDMRMDZ TIDMTTM
RNS Number : 9928P
RM Secured Direct Lending PLC
16 October 2019
RM Secured Direct Lending Plc and RM ZDP PLC
("RMDL" or the "Company")
LEI: 213800RBRIYICC2QC958
Net Asset Value
RMDL announces that its unaudited net asset value per ordinary
share as at 30 September 2019, on a cum income basis, was 98.05
pence (31 August 2019: 99.00 pence).
RM ZDP PLC announces that the unaudited accrued capital entitlement
per ZDP share as at 30 September 2019 was 105.30 pence (31 August
2019: 105.00 pence).
NAV
NAV % Total Return for the month was 0.70% and brings the NAV
% Total Return for the first 9 months of the year to 6.63%. Consequently,
the Company is well on track to exceed its distribution target
of 6.5 pence per share for the calendar year.
The Ordinary Share NAV as at 30(th) September 2019 was 98.05
pence, which is 0.95 pence lower than the end of August. The
monthly movement in NAV was mainly driven by the ex-dividend
effect of the 1.625 pence total declared in August and paid in
September, positive net interest income net of expenses of 0.64
pence and an increase in portfolio valuations of 0.06 pence.
Portfolio Activity
The portfolio consists of 35 investments split across 13 sectors.
The average yield on the portfolio increased by 21 bps to 8.82%
in the quarter. Invested capital currently stands at GBP125m,
with the RCF facility partially drawn and is very similar to
the position at the end of Q2. The weighted average life of the
Loans within the portfolio is 3.50 years and duration of just
under 1.50 years.
Overall, private debt represents c. 96% of the portfolio's holdings
with the full breakdown as follows: 59% bilateral loans, 37%
within club or syndicated private loans and 4% in liquid corporate
debt.
During the quarter there were two new investments and several
drawdowns on existing facilities. The transactions were funded
from a combination of existing Loans maturing, repayments and
two divestments. To date the Investment Manager has invested
over GBP200m of capital in high quality businesses secured by
tangible real assets, and recycled or re-deployed in excess of
GBP75m of capital. This continues to demonstrate the Investment
Manager's ability to invest in high quality Loans, generate attractive
risk-adjusted returns and collect principal repayments. In addition,
these repayments and divestments demonstrate the robustness of
the Company's valuation policy and carrying values of the holdings.
New Investments in the Quarter
Euroports
* Euroports, a leading European port infrastructure
operator: EUR2m participation in private syndicated
facility maturing 2026 paying Euribor +775bps. This
investment follows the key theme for the Company of
investing in real assets with visible cashflows. In
addition, there is significant sponsor equity support
sitting below the RMDL investment and the business
offers substantial asset and cash flow coverage.
énergie Fitness
énergie Fitness, the leading low-cost fitness franchisor
in the UK and Ireland; GBP6m new investment to provide a comprehensive
financing package to support leading sustainable and impact investor,
Bridges Fund Management, in its acquisition of énergie Fitness.
The financing package includes senior secured term loan and revolving
credit facilities. The health and fitness sector remains a fast-growing
market and with an increasing demand for high quality, low-cost
operators. As the sole lender RMDL's Investment Manager has structured
a highly covenanted, senior secured loan.
Outlook & Pipeline
The Investment Manager has a variety of investment opportunities
that satisfy the strict credit criteria and sector focus which
are currently going through the Due Diligence and Documentation
processes. It remains confident in its ability to originate and
close high-quality investments. It is focused on deploying and
recycling capital into non-cyclical sectors, with real asset
security and limited correlation to wider equity markets. The
monitoring of the existing loans remains a priority, with all
loans marked-to-market on a monthly basis reflecting perceived
or actual risks to underlying Loan performance. The Investment
Manager will continue to maintain this strict discipline relating
to the due diligence, structuring, documentation and overall
credit quality of existing and prospective investments.
The Investment Manager will continue to use part of their management
fee to purchase shares and will be notifying the market on or
shortly after 16(th) October that the purchase for Q3 2019 has
been completed, increasing their total direct holding to in excess
of 1,043,000 shares.
The Company also announces that the Monthly Report for the period
to 30 September 2019 is now available to be viewed on the Company
website:
https://rmdl.co.uk/investor-centre/monthly-factsheets/
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
Tulchan Group - Financial PR
James Macey White
Elizabeth Snow
Tel: 0207 353 4200
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
Lauren Kettle
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://rmdl.co.uk/investor-centre/monthly-factsheets/
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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