TIDMKKVL

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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END

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May 21, 2021 07:58 ET (11:58 GMT)

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