Net Asset Value(s)

RNS Number : 7313Y

RM Secured Direct Lending PLC

17 May 2021

 

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 April 2021, on a cum income basis, was 94.74 pence (31 March 2021: 93.49 pence).   NAV The NAV % total return for the month was +1.34% which takes the NAV % Total return to +6.69% over the past six months. The Ordinary Share NAV as of 30th April 2021 was 94.74 pence per Ordinary Share, which is 1.25 pence higher than on 31st March 2021. This overall gain comprises interest income net of expenses of 0.51 pence per Ordinary Share and increases in portfolio valuations of 0.74 pence per Ordinary Share (which includes all credit and currency movements). Portfolio Activity As of 30th April, the Company's portfolio consisted of 35 debt investments with a weighted average yield of 8.39%, diversified across 14 sectors and split 82% fixed rate and 18% floating rate. The portfolio's structure is 79% in bilateral private loans, 18% in syndicated private loans, and 3% in corporate bonds. The portfolio had a weighted average life of 2.70 years at the month end. During April, RM closed a primary £13m loan commitment to a care home development in the north west of England. It will be drawn over the course of the next 12 months and is listed on page 5 as transaction 88 with £2m of cash funded at drawdown.  With a coupon of 9.25% and an expected IRR more than 11%, this loan will provide funding for a key social infrastructure asset required to meet a shortage of aged care beds within our communities. April was a robust month for portfolio performance as the economy continued along the roadmap of lockdown restrictions being lifted as set out by the Government. Gyms were able to  re-open on 12th April in England and consequently Energie Fitness saw significant demand from customers who were keen to get back into their health and fitness routine; this loan valuation will be revisited next month once the effects of a full month of trading can be reviewed. The German auto-parts business has had an excellent trading period and the loan has been revised higher by 10% of par value to 95.00; this is expected to revert to par in the near term. This increase has been the major contributor to this month's portfolio valuation growth.  As in previous quarters the two largest hotel exposures (loan references 66 & 67) paid their interest in cash. The full portfolio is set out on page 5 of the monthly factsheet. The ZDP shares came to the end of their 3-year life on 6th April 2021 and replacement funding was secured by way of a £12m term loan from OakNorth Bank.  The Company's existing Revolving Credit Facility was undrawn at month end.

The Company also announces that the Monthly Report for the period to 30 April 2021 is now available to be viewed on the Company website:

https://rmdl.co.uk/investor-centre/monthly-factsheets/

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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

Brian Smith

Ciara McKillop

Tel: [phone]

Nplus1 Singer Advisory LLP - Financial Adviser and Broker

James Maxwell

Asha Chotai

Tel: [phone]

Peel Hunt LLP - Financial Adviser and Broker

Luke Simpson

Liz Yong

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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