Net Asset Value(s)

RNS Number : 3061M

RM Secured Direct Lending PLC

16 September 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 31 August 2019, on a cum income basis, was 99.00 pence (31 July 2019: 98.69 pence).

RM ZDP PLC announces that the unaudited accrued capital entitlement per ZDP share as at 31 August 2019 was 105.00 pence (31 July 2019: 104.69 pence). The NAV total return for the month was 0.31%, bringing the NAV Total Return year to date figure to 5.89%. Portfolio Activity The Ordinary Share NAV as at 31st August 2019 was 99.00 pence per share, which is 0.31 pence higher than at 31st July 2019, comprising interest income net of expenses of 0.79 pence and a decrease in portfolio valuations of 0.48 pence net of currency hedges. As at the 31st August 2019, the Company's portfolio consisted of 35 debt investments with a weighted average yield of 8.67%, spread across 14 sectors, with a percentage split between fixed and floating rate debt of 57 to 43. The Investment Manager is focused on reducing interest rate risk by keeping the tenors on fixed rate investments generally shorter dated. Overall, the portfolio has the following approximate breakdown: 59% represented by directly originated private loans; 38% in club or syndicated private loans; and 3% in more liquid corporate debt. Consequently, private debt investments represent 97% of the portfolio. The transaction highlights for the month are as follows: ·      énergie  Fitness, the leading low-cost fitness franchisor in the UK and Ireland; £6m 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 fastgrowing 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. ·      Partial Divestment Forecourt Operator; £2m to part fund  énergie  Fitness above. ·      Additional drawdowns to existing transactions previously documented and partially funded.

The Company also announces that the Monthly Report for the period to 31 August 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: [phone]

International Fund Management - AIFM

Chris Hickling

Shaun Robert

Tel: [phone]

Tulchan Group - Financial PR

James Macey White

Elizabeth Snow

Tel: [phone]

PraxisIFM Fund Services (UK) Limited - Administrator and Company Secretary

Anthony Lee

Ciara McKillop

Tel: [phone]

Nplus1 Singer Advisory LLP - Financial Adviser and Broker

James Maxwell

Lauren Kettle

Tel: [phone]

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/

 

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