Marble Point Loan Financing Limited Net Asset Value(s) (9247R)

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RNS Number : 9247R

Marble Point Loan Financing Limited

20 June 2018

NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, TO U.S. PERSONS OR IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA OR JAPAN, OR ANY OTHER JURISDICTION, OR TO ANY PERSON, WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF APPLICABLE LAW.

20 June 2018

Marble Point Loan Financing Limited

(the "Company" or "MPLF")

Unaudited Net Asset Value and Publication of Monthly Report

As at the close of business on 31 May 2018, the estimated unaudited net asset value ("NAV") per Ordinary Share of the Company ("Share") is as follows:

 
   Share class     May Month End    April Month    Change in NAV      Total Return 
                         NAV           End NAV                       since Admission 
                                                                           (1) 
 Ordinary Share      USD 0.9842      USD 0.9775      USD 0.0068          0.48% 
                  ---------------  -------------  ---------------  ----------------- 
 

For the month, MPLF's total return based on NAV is estimated at 0.68%. During this same period, the CSLLI, the ICE BofAML HYI and the S&P 500 registered total returns of 0.19%, (0.02%) and 2.41%, respectively.(2)

On each of 8 May 2018 and 24 May 2018, MPLF funded an incremental $5 million into an existing LAF to continue accumulating loans with the intention of converting the LAF into a new CLO investment later this year. MPLF's total investment in the LAF now stands at $21 million. Supported by this and third party equity capital, the total amount of ramped assets is $109.0 million as at 31 May 2018.

During the month, the Funding Subsidiary continued to ramp its loan portfolio, increasing exposure from $121.7 million at the beginning of the month to $126.5 million as at 31 May 2018. Based on the equity capital in the Funding Subsidiary at month end, the Funding Subsidiary is essentially fully ramped.(3)

As reported by S&P/LCD, 21 U.S. CLOs were issued during the month, representing approximately $11.2 billion of volume bringing the YTD total to $54.2 billion (as compared to $27.6 billion for the year period 2017). The volume of CLO refinancings and resets also remained strong, with $3.0 billion ($12.6 billion YTD) and $11.6 billion ($53.2 billion YTD) of issuance during the month, respectively.(4)

As reported by S&P/LCD, during the month the lagging 12-month default rate on the S&P/LSTA Leveraged Loan Index decreased from 2.37% to 2.12%. While Proserv Group filed for bankruptcy, the decline reflects the fact that other defaulted credits rolled off the lagging 12-month calculation. MPLF had no exposure to Proserv Group.(4)

Based on the expeditious deployment of the IPO proceeds, we believe that MPLF is on track to achieving the targeted annual dividend rate noted in the Prospectus of 10% in its second year post-IPO.(5)

In terms of delivering value to shareholders over the long term, we are focused on three key performance metrics: 1) earning net investment income plus realized gains / (losses) per share in excess of dividends per share, 2) growth in NAV per share, through deploying retained earnings at a return in excess of the dividend rate and 3) the potential to grow the dividend over time.

MPLF's Monthly Report as at 31 May 2018 is available under "Monthly Fund Reports" on the Company's website at the following link:

www.mplflimited.com

(1) The NAV per Share and net returns shown are estimated, unaudited and subject to adjustment and reflect the net total NAV return for the periods shown since MPLF's admission to the London Stock Exchange (13 February 2018), inclusive of dividends paid to shareholders, through 31 May 2018 after taking into account estimated listing and offering costs and profits and loss pre-admission. Such results reflect the deductions of applicable management fees and expenses at the MPLF Funding Ltd. and underlying Marble Point CLO levels.

(2) The ICE BofAML US High Yield Index ("ICE BofAML HYI") tracks the performance of US dollar denominated below investment grade corporate debt publicly issued in the U.S. domestic market. The Credit Suisse Levered Loan Index ("CSLLI") tracks the investable universe of the US dollar denominated leverage loan market. Index returns do not reflect any deductions for fees, expenses or taxes. You cannot invest directly in an index.

(3) "Funding Subsidiary" refers to MPLF Funding Ltd., a wholly-owned subsidiary of MPLF that invests in loans.

(4) Source: S&P Capital IQ.

(5) Targeted dividends and expectations are provided for illustrative purposes only and are based on various assumptions, estimates, and beliefs, including regarding future events, which may or may not prove to be correct or may change. Actual performance will vary and such variance may be material and adverse, including the potential for full loss of principal.

NOTE: PAST PERFORMANCE IS NOT INDICATIVE OF, OR A GUARANTEE OF, FUTURE PERFORMANCE.

IMPORTANT INFORMATION

MPLF is a closed-ended investment company with its ordinary shares admitted to trading on the Specialist Fund Segment of the Main Market of the London Stock Exchange. MPLF is invested in a diversified portfolio of US dollar denominated, broadly syndicated floating rate senior secured corporate loans via collateralised loan obligations and related vehicles managed by Marble Point Credit Management LLC ("Marble Point") and its affiliates. Marble Point is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training.

This document has been issued by Marble Point Loan Financing Limited (the "Company" or "MPLF") and is the sole responsibility of the Company. 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. Each 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 is provided for informational purposes only, does not constitute an offer to sell the shares issued by the Company (the "Shares") or a solicitation of an offer to purchase any such Shares in the United States, Australia, Canada, the Republic of South Africa, Japan or any other jurisdiction, and is not a prospectus. This document may not be relied upon and should not be used for the purpose of making any investment decision.

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.

This document is for information purposes only. No recipient may forward, reproduce, distribute, or make available in whole or in part, this document (directly or indirectly) to any other person. The distribution of this document in certain jurisdictions may be restricted by law and recipients of this document should inform themselves about and observe any such restrictions and other applicable legal requirements in their jurisdictions. This document, and the information contained therein, is not for viewing, release, distribution or publication in or into the United States, Australia, Canada, the Republic of South Africa or Japan or any other jurisdiction where applicable laws prohibit its release, distribution or publication, and will not be made available to any national, resident or citizen of the United States, Australia, Canada, the Republic of South Africa or Japan. The distribution of this document in other jurisdictions may be restricted by law and persons into whose possession this document comes must inform themselves about, and observe, any such restrictions. Any failure to comply with the restrictions may constitute a violation of the federal securities law of the United States or the laws of other jurisdictions.

The Shares 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.

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 described herein 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.

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.

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.

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.

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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

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June 20, 2018 02:00 ET (06:00 GMT)