TIDMKKVL

RNS Number : 9404S

KKV Secured Loan Fund Limited

22 March 2021

22 March 2021

KKV Secured Loan Fund Limited

(the "Company")

LEI: 2138007S3YRY3IUU4W39

Sale of Assets

The Company is pleased to announce the disposal of two loans held in the Ordinary Share Class portfolio.

Two loans underwritten alongside an equity sponsor have now been refinanced with another provider. Glasshouse Generation Limited ("GGL") and Harvest Generation Services Limited ("HGS") have been refinanced and achieved an IRR to the Company of 9.50% across both loans. Total consideration payable to the Company is GBP16,043,732 and settlement proceeds are net of introducer and structuring fees of GBP257,000 capitalised at the time of underwriting in 2016. For ease of reference, as at 30 June 2020, GGL had a carrying value of GBP8,058,000 and HGS had a carrying value of GBP7,582,000 (totalling an aggregate carrying value of GBP15,640,000). The two loans were marked as Borrowers 14 and 15 in the June 2020 Report and Accounts.

The two disposals represent aggregate net proceeds of circa 4.5 pence per Ordinary Share. This shall contribute towards the next distribution of capital on the Ordinary Shares in due course.

Brendan Hawthorne, Chairman of the Company, said:

"We are pleased that we have been able to secure further disposals of assets to the benefit of Shareholders and continue to work on other projects to return capital with expedience."

For further information please contact:

 
KKV Secured Loan Fund Limited             Brett Miller via the Company 
                                           Secretary 
KKV Investment Management Ltd              Investor.communications@kkvim.com 
 Catherine Halford Riera 
BNP Paribas Securities Services S.C.A., 
 Guernsey Branch 
 Company Secretary                        01481 750 853 
Winterflood Securities Limited 
 Neil Langford 
 Chris Mills                              020 3100 0000 
 

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March 22, 2021 03:00 ET (07:00 GMT)

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