Litigation Capital Management Ltd New US$50m Credit Facility (8087P)
22 Febbraio 2021 - 8:00AM
UK Regulatory
TIDMLIT
RNS Number : 8087P
Litigation Capital Management Ltd
22 February 2021
22 February 2021
Litigation Capital Management Limited
("LCM" or the "Company")
New US$50m Credit Facility
Litigation Capital Management Limited (AIM:LIT), a leading
alternate asset manager of disputes financing solutions, is pleased
to announce that it has secured a US$50 million credit facility
(the "Credit Facility") with Northleaf Capital Partners
("Northleaf") to provide the Company with additional investment
capital. Northleaf is a global private markets investment firm,
with experience in the litigation finance sector.
The Credit Facility provides LCM with significant additional
capital flexibility to enable the Company to grow its direct
investment portfolio, its asset management business and to
supplement balance sheet capital in relation to the co-funding
opportunities of the LCM Global Alternative Returns Fund launched
last year (the "GAR Fund").
The Credit Facility, which is secured against LCM's assets, is
available for general corporate purposes, and has an overall term
of four years. The coupon comprises a LIBOR based rate of 8% per
annum together with a profit participation calculated by reference
to the profitability of LCM's direct investments. In all
circumstances, the overall cost of the facility is capped at 13%
per annum. The Credit Facility can be drawn down during the first
two years of the facility. The facility otherwise contains the
usual financial covenants and reporting conditions of a facility of
this nature.
Patrick Moloney, CEO of LCM, commented : "The securing of this
Credit Facility is a hugely significant development in LCM's
growth. The Credit Facility, together with LCM's existing
resources, provides LCM with flexible capital structure for the
foreseeable future to meet our most conservative assessment of the
expected demand for LCM's litigation finance needs, as well as
LCM's GAR Fund co-funding obligations, including any anticipated
potential upsizing."
Jonathan Moulds, Chairman of LCM, commented : "The Board is
delighted to partner with Northleaf, a high calibre capital
provider with a presence in our major markets and deep expertise in
litigation funding, at a time when LCM is witnessing an uplift in
litigation finance applications as a result of a number of factors
including the extraordinary uncertainty facing global economies.
These conditions, combined with the flexibility the Credit
Facility, provides LCM with an excellent opportunity to accelerate
growth."
Enquiries
Litigation Capital Management c/o Alma PR
Patrick Moloney, Chief Executive
Officer
Canaccord (Nomad and Joint Tel: 020 7523 8000
Broker)
Bobbie Hilliam
Investec Bank plc (Joint Broker) Tel: 020 7597 5970
David Anderson
Alma PR Tel: 020 3405 0205
Justine James LCM@almapr.co.uk
Susie Hudson
Kieran Breheny
NOTES TO EDITORS
Litigation Capital Management (LCM) is an alternate asset
manager specialising in disputes financing solutions
internationally, which operates two business models. The first is
direct investments made from LCM's permanent balance sheet capital
and the second is third party fund management. Under those two
business models, LCM currently pursues three investment strategies:
Single-case funding, Portfolio funding and Acquisitions of claims.
LCM generates its revenue from both its direct investments and also
performance fees through asset management.
LCM has an unparalleled track record driven by disciplined
project selection and robust risk management.
Currently headquartered in Sydney, with offices in London,
Singapore, Brisbane and Melbourne, LCM listed on AIM in December
2018, trading under the ticker LIT.
www.lcmfinance.com
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