Marble Point Loan Financing Limited Net Asset Value(s) (4901L)

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RNS Number : 4901L

Marble Point Loan Financing Limited

27 December 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.

27 December 2018

Marble Point Loan Financing Limited

Unaudited Net Asset Value and Publication of Monthly Report

As at the close of business on 30 November 2018, the estimated unaudited net asset value ("NAV") per Ordinary Share of Marble Point Loan Financing Limited ("MPLF") is as follows:

 
   Share class      November Month    October Month    Monthly Change      Total Return 
                      End NAV (1)       End NAV (1)       in NAV (1)      since Admission 
                                                                                (1) 
 Ordinary Shares      USD 0.8600        USD 0.9394      USD (0.0794)         (8.48%) 
                   ----------------  ---------------  ----------------  ----------------- 
 

For the month, MPLF's total return based on NAV is estimated at -8.45%. The decline in NAV reflects the widening of credit spreads on loans and the commensurate impact on discount rates on CLO equity during the month. The CSLLI, the ICE BofAML HYI and the S&P 500 registered total returns of -0.82%, -0.91% and 2.04%, respectively, during the same period.(2)

November was a challenging month for credit and equity markets as the CSLLI declined -0.91% during the month while the S&P 500 exhibited significant volatility with a mid-month swing of 6.4% from high to low before finishing the month with a positive total return of 2.04%. According to J.P. Morgan, retail loan funds faced net outflows of $2.9 billion during this month. These outflows forced retail loan funds to sell loans in order to meet their redemptions and the selling pressure led to a 1.21 point drop in the price of the CSLLI. MPLF's investment manager currently sees attractive investment opportunity in this more volatile loan market and believes that the locked-in financing of CLOs provides the opportunity to improve cash flow over the long term by buying loans at lower prices and/or with wider spreads.

As reported by S&P/LCD, 25 U.S. CLOs were issued during the month, representing approximately $13.1 billion of volume, bringing the YTD total to $123.2 billion (as compared to $108.2 billion for the corresponding period in 2017). Reset activity continued to be robust during the month, with $10.7 billion issued, bringing the full-year reset total to $120.3 billion. November also saw $1.8 billion of refinancing activity, bringing the full-year total to $32.2 billion.

Two constituents of the S&P/LSTA Leveraged Loan Index, David's Bridal Inc. and Full Beauty Brands, defaulted in November. Despite these two defaults, the lagging 12-month default rate decreased to 1.61% as four issuers rolled off of the lagging 12-month calculation. MPLF had no exposure to the two defaulting issuers.

MPLF's November 2018 Monthly Report is available on its website: www.mplflimited.com

(1) The NAV figures shown are unaudited and estimated as of the date noted by Marble Point Credit Management LLC ("Marble Point") as the investment manager of MPLF, shown for informational purposes only and subject to adjustment. Marble Point estimates MPLF's NAV on a monthly basis. 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 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 13 February 2018, the date of MPLF's admission to the Specialist Fund Segment of the London Stock Exchange, after taking into account listing and offering costs and profits and loss pre-admission. Monthly and cumulative performance figures are non-annualised and such results reflect the deductions of applicable management fees and expenses at the MPLF Funding Ltd. and underlying Marble Point CLO levels.

(2) The Credit Suisse Levered Loan Index ("CSLLI") tracks the investable universe of the US dollar denominated leverage loan market. 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 S&P 500 tracks the performance of US equity markets. Index returns do not reflect any deductions for fees, expenses or taxes. You cannot invest directly in an index.

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

IMPORTANT INFORMATION

Marble Point Loan Financing Limited (the "Company" or "MPLF") is a closed-ended investment company with its ordinary shares ("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.

This document has been issued by the Company 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 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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December 27, 2018 02:01 ET (07:01 GMT)