KKV Secured Loan Fund Limited Net Asset Value(s) (4748Z)
2021年5月21日 - 8:58PM
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RNS Number : 4748Z
KKV Secured Loan Fund Limited
21 May 2021
KKV Secured Loan Fund Limited ("the Company")
Quarterly Net Asset Values ("NAVs")
The Company announces the following NAVs:
Ordinary Shares:
As at 31 March 2021, the unaudited estimated NAV was GBP122.3m
or 34.4 pence per Ordinary Share. This compares to GBP140.7m or
39.5 pence per Ordinary Share from the December 2020 unaudited
estimated NAV.
For the Ordinary Share Class GBP17.8m or 5 pence per share was
returned to Shareholders on 17 March 2021.
The total return per Ordinary Share during the period from 31
December 2020 to 31 March 2021 was therefore minus 0.40 per
cent.
During the quarter to March 2021 the most notable credit changes
were:
Borrower 1 (the NE England AD plant) is now valued at GBP10.9m a
reduction of GBP3.4m in NAV from December's GBP14.3m. The model was
updated to reflect recent business activity of the borrower. This
reduction reflected a loss of 1.0 pence per share.
Borrower 8 (the shipping vessel exposure) saw a material uplift
in valuation to GBP11.7m resulting in the NAV increasing by a total
of GBP2.7m from GBP8.9m reflecting an increase of 0.8 pence per
share.
Borrower 21 (the US medical facility debt) was upgraded to Stage
2 after resuming payments. NAV increased to GBP2.3m from GBP1.0m
reflecting an increase of GBP1.3m or 0.4 pence per share.
Borrowers 14 & 15 (Electricity Generation) NCV GBP15.2m
repaid as announced on 22 March 2021. The repayment settled the
loan in full and benefitted from a small prepayment fee.
Subsequent to 31 March 2021 a further 5.5 pence per Ordinary
Share was returned to Ordinary Shareholders as announced on 9 April
2021.
C Shares:
As at 31 March 2021, the unaudited estimated NAV was GBP85.1m or
61.2 pence per C Share. This compares to GBP97.9m or 70.5 pence
from the December 2020 unaudited estimated NAV.
For the C Share Class GBP16.7m or 12 pence per share was
returned to Shareholders on 17 March 2021.
The total return per C Share during the period from 31 December
2020 to 31 March 2021 was therefore 3.9 per cent.
During the quarter to March 2021 the most notable credit
movements were:
Borrowers 47, 48 and 51 (the shipping vessels) saw a material
uplift in valuation to GBP13.3m an increase of GBP3.1m from
GBP10.2m reflecting an increase of 2.2 pence per C Share.
Borrower 54 (the battery facility exposure) was downgraded to
Stage 2 due to increased uncertainty in performance. NAV reduced by
GBP0.8m to GBP1.9m reflecting a loss of 0.6 pence per C Share.
Borrower 40 (the remote operating vehicles) refinanced their
facility repaying GBP8.3m vs a GBP7.3m December NAV. This reflects
an uplift of GBP1m, an increase of 0.7 pence per C Share.
Subsequent to 31 March 2021 a further 6 pence per C Share was
returned to C Shareholders as announced on 9 April 2021.
For further information please contact:
KKV Secured Loan Fund Limited
Brett Miller via the Company Secretary
KKV Investment Management Ltd
Catherine Halford Riera 020 7429 2200
BNP Paribas Securities Services S.C.A.,
Guernsey Branch
Company Secretary 01481 750853
Winterflood Securities Limited
Neil Langford
Chris Mills 020 3100 0000
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