Net Asset Value

RNS Number : 9897L

RM Infrastructure Income PLC

16 September 2021

 

RM INFRASTRUCTURE INCOME

("RMII" or the "Company")

LEI: 213800RBRIYICC2QC958

Net Asset Value

RMII announces that its unaudited net asset value per ordinary share as at 31 August 2021, on a cum income basis, was 97.69 pence (31 July 2021: 95.60 pence). NAV The NAV % Total Return for the month was +2.18% which takes the NAV % Total Return to +6.58% over the past six months and 13.80% over the past 12 months. The Ordinary Share NAV as of 31st August 2021 was 97.69 pence per Ordinary Share, which is 2.08 pence higher than on 31st July 2021. This overall gain comprises interest income net of expenses of 0.58 pence per Ordinary Share and increases in portfolio valuations of 1.50 pence per Ordinary Share (which includes all credit and currency movements). Portfolio Activity As of 31st August, the Company's portfolio consisted of 34 investments with a weighted average yield of 8.87%. c.46% of the portfolio was invested within the Company's core sectors; Social & Environmental infrastructure, an increase from c.35% as of 30th April. Overall, the portfolio is diversified across 13 sectors and split 85% fixed rate and 15% floating rate. The portfolio's allocation at the month end was 79% in bilateral private loans, 15% in syndicated private loans, 2% in corporate bonds and 4% in a fully owned, unlevered real estate asset. The portfolio had a weighted average life of 2.57 years at the month end. August saw continued credit enhancements as assets recovered, which led to a significant revaluation of some loans that had been marked lower during the Covid pandemic. These businesses have, in the most part, displayed continued robust operational performance throughout the pandemic. This has been reported to investors previously; furthermore, it is expected that there will be continued credit improvements across the portfolio in coming months. The following loans were the key components of the valuation uplifts: · Energie Fitness - business has returned to 92% pre-covid levels and moving to cash pay on interest during Q3.  Moved from 82% to 92% of nominal value. · Hotel exposure - the two largest hotel loans have had an uninterrupted debt service throughout the pandemic and have a material liquidity reserve controlled by the lender. Moved from 95% to 100% of nominal value. · Beinbauer - the loan now has better credit metrics than at the initial underwriting stage. Moved from 95% to 100% of nominal value. As Beinbauer has returned to the original loan terms which was 50% cash payment (50% PIK) and Energie Fitness is returning to cash payment during Q3, it is expected that the ratio between Cash and PIK will improve significantly as we move into the latter part of 2021.

The Company also announces that the Monthly Report for the period to 31 August 2021 is now available to be viewed on the Company website:

https://rm-funds.co.uk/rm-infrastructure-income/rm-funds-investor-monthly-fact-sheets-2/

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For further information, please contact:

RM Capital Markets Limited - Investment Manager

James Robson

Pietro Nicholls Thomas Le Grix de La Salle

Tel: [phone]

International Fund Management - AIFM

Chris Hickling

Shaun Robert

Tel: [phone]

Tulchan Group - Financial PR

James Macey White

Elizabeth Snow

Tel: [phone]

PraxisIFM Fund Services (UK) Limited - Administrator and Company Secretary

Brian Smith

Ciara McKillop

Tel: [phone]

Singer Capital Markets Advisory LLP - Financial Adviser and Broker

James Maxwell

Asha Chotai

Tel: [phone]

Peel Hunt LLP - Financial Adviser and Broker

Luke Simpson

Liz Yong

Tel: [phone]

About RM Infrastructure Income

RM Infrastructure Income plc ("RMII" or the "Company") is a closed-ended investment trust established to invest in a portfolio of 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://rm-funds.co.uk/rm-infrastructure-income/rm-funds-investor-monthly-fact-sheets-2/

 

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