Ranger Direct Lending, which listed in May and is still only 76% invested (as at 9 November), says it is planning a C share issue to raise up to £135m.
They say they anticipate full deployment of Ranger’s equity capital by early December, within its stated target of fully deploying the net proceeds raised at IPO within six to nine months.
They also say that Ranger Direct Lending’s funds have been invested in a disciplined manner in line with its targeted net returns to the fund of 12-13% and across a diversified portfolio of 10 platforms, including three platforms which have been onboarded since IPO. As at 9 November 2015, secured lending accounted for over 80% of the invested portfolio, across various categories including secured SME lending, real estate loans, equipment finance and platform collateralised debt.
A prospectus containing full details of the Issue is expected to be published in the week commencing 16 November 2015 and the Issue is anticipated to close in late November.
UPDATE 27 November 2015
Ranger has announced that it is not progressing with the C share – no explanation was given but it is unusual to start raising funds for C share when the ordinary share portfolio has not been fully invested.
RDL : Ranger Direct Lending planning C share