TIDMMPLF
RNS Number : 6699J
Marble Point Loan Financing Limited
25 August 2021
25 August 2021
MPLF's NAV Total Return marks 15 out of 16 positive months since
April 2020; 12.4% Dividend Yield
The net asset value ("NAV") of Marble Point Loan Financing
Limited ("MPLF") as at the close of business on 30 July 2021 is as
follows:
Share class July 2021 NAV June 2021 NAV Monthly Change
per Ordinary per Ordinary Share in NAV per
Share (1) (1) Share (1)
Ordinary USD 0.7627 USD 0.7659 USD (0.0032)
Shares
-------------- ------------------- ---------------
Performance
-- MPLF's NAV total return was 2.25% in July, compared to the
total return of the Credit Suisse Leveraged Loan Index of
0.00%.
-- Secondary loan prices retreated in July, as increased new
issue volume and macro concerns about the spread of the coronavirus
delta variant impacted markets.
-- MPLF has continued to outperform relevant benchmarks over the
past year, delivering a cumulative NAV return of 127.2% since March
2020 compared to 22.5%, 27.2% and 73.7%, respectively, for the
CSLLI, ICE BAML High Yield Index and S&P 500 for the same
period.
-- Quarterly distributions received by MPLF from its portfolio
holdings totaled approximately $10.4 million in July, or 5.1 cents
per share. This compares to the $9.0 million total reported for Q2
2021.
-- For the fifth consecutive month, no constituents of the
S&P/LSTA Index defaulted in July, and MPLF experienced no
defaults in its underlying portfolios. The Index's lagging 12-month
default rate by notional amount decreased to 0.58% at July 2021.
This is the lowest lagging 12-month default rate for the Index
since April 2012.
Market
-- The CSLLI delivered a 0.00% return in July, as loan prices
declined and offset the Index's interest return component. The
average indicative bid price of the CSLLI declined to 97.69% at 30
July from 97.96% at 30 June. The weighted average indicative bid
price of MPLF's underlying loans decreased to 98.36% at 30 July
from 98.72% at 30 June.
-- Institutional loan volume totaled $66.4 billion in July
according to S&P/LCD, the highest monthly total since March
2021. That total included M&A related loan supply of $38.5
billion, the highest monthly tally post-pandemic, surpassing the
prior record from June 2021. This organic loan market supply (as
opposed to refinancings of existing loans) contributed to lower
prices for secondary loans as loan managers sold portfolio holdings
of loans to make room for new issue allocations.
-- During the month of July, 22 new issue CLOs totaling $10.0
billion were priced. While this monthly volume is strong by
historical standards, it nonetheless was the lowest monthly total
since January 2021 as issuance normalized after a record first
half. CLO refinancing and reset transactions were brought to market
at a healthy pace in July as managers and equity investors
continued to access CLO liability markets to improve the financing
on existing deals. Specifically, 17 refinancings totaling $6.9
billion and 20 resets totaling $8.8 billion priced during the month
according to S&P/LCD.
-- Retail loan funds experienced an inflow of approximately $2.2
billion in July, representing the eighth consecutive month of
inflows, as reported by J.P. Morgan.
-- Since the end of July, the average indicative bid price of
the CSLLI has increased by 0.08% to 97.77% (as at 23 August
2021).
Investment
-- Marble Point has continued to capitalize on receptive CLO
liability markets to unlock value in existing financing vehicles,
and structure new investments with return profiles consistent with
the fund's return objectives.
-- On 26 July Marble Point completed a "call and roll"
transaction of MP CLO IV ("MP4) into CLO XXII ("MP22").
o In connection with this deal, the MP4 CLO was redeemed and the
vast majority of its assets were rolled into MP22. MPLF's $15.6
million notional vertical strip of MP4 debt securities was redeemed
at par plus accrued interest, and MPLF's MP4 equity holding
received a residual distribution of approximately $4.9 million.
o As previously disclosed, in February 2021 MPLF purchased
$17.05 million notional of the MP4 equity in the secondary market
for approximately $3.0 million. MPLF's realized gain on this
incremental MP4 CLO equity investment was approximately $1.5
million.
o As previously disclosed, in February 2021 MPLF purchased
$17.05 million notional of the MP4 equity in the secondary market
at a price of approximately 17.65%. MPLF's realized gain on this
incremental MP4 CLO equity investment was approximately $1.5
million.
-- During the month Marble Point opened a new LAF, and MPLF
invested $3.0 million in the facility, which is presently ramping
assets with the intention of converting into a new CLO in 2021.
-- Subsequent to month end, Marble Point closed a refinancing of
several classes of debt of Marble Point CLO XV, in which MPLF holds
$19.6 million notional value of the equity tranche. The refinancing
improved the CLO's weighted average cost of debt, which aggregates
$367.5 million, by approximately 40 basis points from L+220 to
L+180 and closed on 10 August.
-- Subsequent to month end on 19 August, Marble Point CLO XXI at
which time MPLF committed to roll its $2.0 million investment in
the LAF and invest an incremental $12.8 million for a 45.3%
interest in the equity tranche of the deal. The closing date for
Marble Point CLO XXI is scheduled for 16 September 2021.
-- Marble Point CLO XXI is expected to have the following features:
o A reinvestment period of approximately five years
o A two year non-call period
o A weighted average cost of debt of LIBOR+183 basis points
o An estimated effective yield of 15.0-17.0% as at the pricing
date of the transaction(2)
MPLF's July 2021 Monthly Report is available on its website: www.mplflimited.com
Enquiries:
Marble Point Loan Financing Limited
Investor Relations
T: +44 (0) 20 7259 1500
E: ir@mplflimited.com
Website: www.mplflimited.com
Corporate Broker :
Stifel Nicolaus Europe Limited
T: +44 (0) 20 7710 7600
Financial Public Relations :
Charlie Barker / Catherine Chapman
MHP Communications
T: +44 (0) 20 3128 8100
MarblePoint@mhpc.com
(1) NAV figures are provided for informational purposes only and
are unaudited, estimated by Marble Point Credit Management LLC
("Marble Point"), the investment manager of MPLF, and subject to
adjustment. Marble Point estimates MPLF's NAV on a monthly basis as
at the end of each month. Estimates with respect to a date falling
on a calendar quarter end are subject to revision when the
quarterly NAV is determined. NAV is calculated as the sum of the
value of MPLF's investment portfolio, any cash or cash equivalents
and other assets less liabilities. NAV is reduced by the amount of
a dividend to the extent the ex-dividend date occurs during the
period presented. NAV total return figures shown are estimated,
unaudited and subject to adjustment and reflect the net total NAV
return, inclusive of dividends, for the periods shown and as from
MPLF's admission to the Specialist Fund Segment of the main market
of the London Stock Exchange on 13 February 2018, after taking into
account applicable listing and offering costs and pre-admission
profits and loss. Monthly and cumulative performance figures are
non-annualised and such results reflect the deductions of
applicable management fees and expenses at the underlying
investment levels.
(2) Figures shown for effective yield are estimated, unaudited,
subject to change and based on the analysis of Marble Point Credit
Management LLC, the investment manager of MPLF, as at the Closing
Date. The estimated effective yield is provided for illustrative
purposes only. The actual effective yield, as recorded by MPLF or
other entity holding the investment may vary over time.
Past performance is not indicative or a guarantee of future
performance.
This release contains inside information.
About Marble Point Loan Financing
Marble Point Loan Financing Ltd. (LSE Ticker: MPLF LN (USD);
MPLS LN (GBX)) is a Guernsey-domiciled closed-ended investment
company. MPLF's investment objective is to generate stable current
income and grow net asset value by earning a return on equity in
excess of the amount distributed as dividends.
MPLF is invested in a diversified portfolio of US dollar
denominated, broadly syndicated floating rate senior secured
corporate loans owned via collateralised loan obligations ("CLOs")
and related vehicles managed by Marble Point Credit Management
LLC.
About Marble Point Credit Management LLC
Marble Point Credit Management LLC ("Marble Point") is a
specialist asset manager focused exclusively on leveraged loans.
Marble Point was founded by Thomas Shandell in partnership with
Eagle Point Credit Management, a leading investor in CLO
securities.
IMPORTANT INFORMATION
Marble Point Loan Financing Limited (the "Company") is a
closed-ended investment company incorporated in Guernsey with its
ordinary shares ("Shares") admitted to trading on the Specialist
Fund Segment of the Main Market of the London Stock Exchange
(ticker: MPLF.LN). The Company is invested in a diversified
portfolio of US dollar denominated, broadly syndicated floating
rate senior secured corporate loans via CLOs, loan accumulation
facilities and other vehicles managed by Marble Point Credit
Management LLC ("Marble Point") or its affiliates. Marble Point is
an investment adviser registered with the U.S. Securities and
Exchange Commission.
This document is provided for informational purposes only and
does not constitute an offer to sell any Shares, notes or other
securities (collectively, "Securities") issued by the Company or a
solicitation of an offer to purchase any such Securities in the
United States, Australia, Canada, the Republic of South Africa,
Japan or any other jurisdiction. This document may not be relied
upon, and should not be used, for the purpose of making any
investment decision. This document and the information and views
included herein do not constitute investment advice or a
recommendation or an offer to enter into any transaction with the
Company or any of its affiliates. Any recipient of this document
should make such investigations as it deems necessary to arrive at
an independent evaluation of any investment and should consult its
own legal counsel and financial, actuarial, accounting, regulatory
and tax advisers to evaluate any such investment. This document has
been issued by the Company and is the sole responsibility of the
Company.
The Securities have not been and will not be registered under
the U.S. Securities Act of 1933, as amended, or with any securities
regulatory authority of any state or other jurisdiction of the
United States and may not be offered or sold in the United States
to, or for the account or benefit of, U.S. persons unless they are
registered under applicable law or exempt from registration. The
Company has not been and will not be registered under the U.S.
Investment Company Act of 1940, and investors will not be entitled
to the benefits of such Act.
The information shown herein is estimated, unaudited, for
background purposes only, representative as of the dates specified
herein, subject to adjustment and not purported to be full or
complete. Nothing herein shall be relied upon as a representation
as to the current or future performance or portfolio holdings of
the Company or any strategy or investment vehicle. Certain
information presented herein has been obtained from third party
sources and is believed to be reliable. However, neither the
Company nor Marble Point represents that the information contained
in this document (including third party information) has been
independently verified or is accurate or complete, and it should
not be relied upon as such. Index information, if any, has been
provided for illustration purposes only. Any such information does
not reflect the effect of transaction costs, management fees or
other costs which would reduce returns. An investor cannot invest
directly in an index.
There is no guarantee that any of the goals, targets or
objectives described in this document will be achieved. The
investment strategies of the Company may not be suitable for all
investors and are not intended to constitute a complete investment
program. Neither Marble Point nor the Company makes any
representation or warranty (express or implied) with respect to the
information contained herein (including, without limitation,
information obtained from third parties) and each of them expressly
disclaims any and all liability based on or relating to the
information contained in, or errors or omissions from, these
materials; or based on or relating to the use of these materials;
or any other written or oral communications transmitted to the
recipient or any of its affiliates or representatives in the course
of its evaluation of the information herein.
Any of the views or opinions expressed herein are current views
and opinions only and may be subject to change. Statements made
herein are as of the date of this document and should not be relied
upon as of any subsequent date. All information is current as of
the date of this document and is subject to change without
notice.
Past performance is not a reliable indicator of current of
future results. The value of investments may go down as well as up
and investors may not get back any of the amount invested. The
value of investments designated in another currency may rise and
fall due to exchange rate fluctuations in respect of the relevant
currencies. Adverse movements in currency exchange rates can result
in a decrease in return and a loss of capital.
A Note on the Use of Indices as Benchmarks. The indices shown
have not been selected to represent a benchmark for MPLF's
performance, but rather to allow for comparison of MPLF's returns
to those of known, recognized and/or similar indices. The Credit
Suisse Leveraged Loan Index (CSLLI) tracks the investable universe
of the U.S. leveraged loan market. The ICE BofAML US High Yield
Index (ICE BAML HYI) tracks the performance of USD-denominated
below investment grade corporate bonds publically issued in the
U.S. domestic market. The Standard & Poor's 500 Index (S&P
500) tracks the performance of U.S. public equity markets and is
based on the market capitalization of 500 large companies having
common stock listed on NYSE or NASDAQ. The performance of any index
is not an exact representation of any particular investment as you
cannot invest directly in an index.
A Note on Forward Looking Statements. This document includes
forward-looking statements. Forward-looking statements include all
matters that are not historical facts. Actual results may differ
materially from any results projected in the forward-looking
statements and are subject to risks and uncertainties. Such
statements are based on current expectations, involve known and
unknown risks, a reliance on third parties for information, and
other factors that may cause actual results to differ materially
from the anticipated results expressed or implied by such
forward-looking statements. The Company and Marble Point caution
readers not to place undue reliance on such statements. Neither the
Company nor Marble Point undertakes, and each specifically
disclaims, any obligation or responsibility, to update any
forward-looking statements to reflect occurrences, developments,
unanticipated events or circumstances after the date of such
statement. Actual results may differ materially from the Company's
and/or Marble Point's expectations and estimates.
None of the Company, Marble Point or any of their respective
parent or subsidiary undertakings, or the subsidiary undertaking of
any such parent undertakings, or any of such person's respective
partners, shareholders, directors, members, officers, affiliates,
agents, advisors or representatives shall have any liability
whatsoever (in negligence or otherwise) for any loss howsoever
arising from any information or opinions presented or contained in
this document nor shall they accept any responsibility whatsoever
for, or make any warranty, express or implied, as to the truth,
fullness, accuracy or completeness of the information in this
document (or whether any information has been omitted from the
document) or any other information relating to the Company, Marble
Point or their respective subsidiaries or associated companies, in
any form whatsoever, howsoever transmitted or made available or for
any loss howsoever arising from any use of this document or its
contents or otherwise arising in connection therewith. This shall
not affect any liability any such person may have which may not be
excluded under applicable law or regulation.
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END
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August 25, 2021 02:01 ET (06:01 GMT)
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