Net Asset Value(s)

RNS Number : 9945B

RM Secured Direct Lending PLC

16 June 2021

 

RM Secured Direct Lending Plc

("RMDL" or the "Company")

LEI: 213800RBRIYICC2QC958

Net Asset Value

RMDL announces that its unaudited net asset value per ordinary share as at 31 May 2021, on a cum income basis, was 96.08 pence (30 April 2021: 94.74 pence).

NAV The NAV % Total Return for the month was +1.42% which takes the NAV % Total Return to +6.18% over the past six months and 13.03% over the past 12 months. The Ordinary Share NAV as of 31st May 2021 was 96.08 pence per Ordinary Share, which is 1.34 pence higher than on 30th April 2021. This overall gain comprises interest income net of expenses of 0.68 pence per Ordinary Share and increases in portfolio valuations of 0.66 pence per Ordinary Share (which includes all credit and currency movements). Portfolio Activity As of 31st May, the Company's portfolio consisted of 34 debt investments with a weighted average yield of 8.92%, diversified across 15 sectors and split 86% fixed rate and 14% floating rate. The portfolio's allocation is 84% in bilateral private loans, 14% in syndicated private loans, and 2% in corporate bonds. The portfolio had a weighted average life of 2.69 years at the month end. May was a very active month for the portfolio with several repayments allowing the Investment Manager to selectively increase allocations across the Social Infrastructure segment within the healthcare, education, and accommodation sectors. These new allocations bring current infrastructure investments to 41% of the portfolio which rises to over 50% when the additional £13m of committed funding is fully drawn which is expected to be over the next 12 months. Repayments : 5 loans repaid totalling £10.2m with the key highlight being the planned reduction of hotel exposure as the £4.1m L'Oscar (loan ref 17) hotel loan matured. In addition to this, the other repayments were two property bridging loans (loan refs 45 & 48), Eurogarages (loan ref 44) and Mehilainen (loan ref 51). New investments : 4 new investments were made totalling £11m, of which £8m was funded under the Coronavirus Business Interruption Loan Scheme "CBILS"; increasing the partially (80%) government guaranteed portion of the portfolio from 19% to 25% over the month. Over the month, 91% of new capital deployed was to social infrastructure with £2m to an education provider (loan ref 91) secured over their campus, £5m to a student accommodation provider (loan ref 89) and £3m to Elysium a diversified healthcare operator (loan ref 6). ESG & Impact: The new investments made during the month are going through the internal ESG screening metric, working with The Good Economy, as well as the Impact Scoring process which will be reported on later. At an operational level, May was a strong month for portfolio companies. Energie Fitness saw continued rebound in membership numbers back to nearly 100,000 with continued strong momentum.  The Energie Fitness online digital platform initially developed from a standing start during "lockdown 1" has delivered over 70,000 individual classes

The Company also announces that the Monthly Report for the period to 31 May 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 Thomas Le Grix De La Salle

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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