RM INFRASTRUCTURE INCOME PLC

Capital/Financing Update • Mar 29, 2021

National Storage Mechanism | Additional information

RNS Number : 7216T

RM Secured Direct Lending PLC

29 March 2021

RM Secured Direct Lending Plc

("RMDL" or the "Company")

LEI: 213800RBRIYICC2QC958

Update on ZDP Shares

and

New Loan Facility

The Company announces that its ZDP shares, issued by its wholly owned subsidiary RM ZDP plc, come to the end of their 3-year life on 6 April 2021 with a final capital entitlement payable of approximately £12.1 million (110.91p per ZDP share).  RM ZDP plc is due to be wound up on 6 April 2021 following a general meeting of the ZDP subsidiary to be held on the same date to approve the winding up, with payment made to ZDP shareholders immediately thereafter. Neither ZDP shareholders nor Ordinary Shareholders are entitled to attend or vote at this general meeting.

The Board is pleased to announce that replacement funding for the ZDPs has been agreed through a new £12 million loan facility with Oaknorth Bank.  The new facility has been specifically structured to provide the Company with flexibility to balance the needs of all its stakeholders.  It is committed and non-callable by Oaknorth Bank (as compared to the Company's existing RCF which is callable with 90 days' notice), and provides a 3 year term at an attractive cost to the Company following a competitive debt advisory process.  It can also be wholly or partly repaid by RMDL at any stage over its term without penalty.

On a pro forma basis, the new facility is expected to add approximately 0.5% per annum to the Company's total return, based on the average portfolio yield less funding costs.  It will also be neutral in terms of the Company's existing gross borrowings, which currently stands at 11.7% (9.90% on a net basis after taking account of cash balances).  This remains significantly within the Company maximum borrowing limits of 20% of net asset value at the time of drawdown.

For further information, please contact:

RM Capital Markets Limited - Investment Manager
James Robson
Pietro Nicholls
Tel: 0131 603 7060
International Fund Management - AIFM
Chris Hickling
Shaun Robert
Tel: 01481 737600
Tulchan Group - Financial PR
James Macey White
Elizabeth Snow
Tel: 0207 353 4200
PraxisIFM Fund Services (UK) Limited - Administrator and Company Secretary
Brian Smith
Ciara McKillop
Tel: 020 4513 9260
Nplus1 Singer Advisory LLP - Financial Adviser and Broker
James Maxwell
Carlo Spingardi
Peel Hunt LLP - Financial Adviser and Broker
Luke Simpson Liz Yong

About RM Secured Direct Lending

RM Secured Direct Lending Plc is a closed-ended investment trust established to invest in a portfolio of bespoke, higher-yielding secured debt instruments.

The Company aims to generate attractive and regular dividends through loans sourced or originated by the Investment Manager with a degree of inflation protection through index-linked returns where appropriate. Loans in which the Company invests are predominantly secured against assets such as real estate or plant and machinery and/or income streams such as account receivables.

For more information, please see https://rmdl.co.uk/investor-centre/ 

About RM Funds

RM Funds is an alternative asset manager. Founded in 2010, with offices in Edinburgh, and London, the firm manages capital on behalf of institutional investors, multi-asset allocators, wealth managers and retail investors. RM Funds is a delivery partner to the British Business Bank in connection with the Coronavirus Business Interruption Loan Scheme. RM Funds is a trading name of RM Capital Markets Limited.

RM Funds is a signatory to the Principles of Responsible Investment.

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