KKV Secured Loan Fund Gets Back Part Of Debt From US Company

(Alliance News) - KKV Secured Loan Fund Ltd on Thursday said it has received net proceeds of USD24.3 million from the refinancing of two existing investments in a US based reinsurance company.

KKV Secured Loan Fund shares were trading 24% higher in London on Thursday at 19.20 pence each, while its C shares were up 5.2% at 36.60p each.

The investment trust said its portfolio manager has been engaging actively with the borrower for some months to encourage them to repurchase their debt. The net proceeds of USD24.3 million represent a repayment of 60% of the principal outstanding and the company said it expects this to contribute approximately 4.91p towards the net asset value per share based on the last published NAV of 36.19p as at the end of June 2020.

The settlement of this loan will also provide an opportunity for repayment of the inter-share class loan between the ordinary share class and C share class, KKV noted, and start of cash repayments sooner than anticipated from the ordinary share portfolio.

By Evelina Grecenko; evelinagrecenko@alliancenews.com

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