RM Secured Direct Lending PLC Net Asset Value(s) (7313Y)
17 Mayo 2021 - 01:00AM
UK Regulatory
TIDMRMDL TIDMTTM
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 30(th) April 2021 was 94.74 pence per Ordinary
Share, which is 1.25 pence higher than on 31(st) 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 30(th) 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 GBP13m 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 GBP2m 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 12(th)
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 6(th)
April 2021 and replacement funding was secured by way of a GBP12m
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/
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
Brian Smith
Ciara McKillop
Tel: 020 4513 9260
Nplus1 Singer Advisory LLP - Financial Adviser and Broker
James Maxwell
Asha Chotai
Tel: 020 7496 3000
Peel Hunt LLP - Financial Adviser and Broker
Luke Simpson
Liz Yong
Tel: 020 7418 8900
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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END
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