Further to Ranger Direct Lending’s announcements regarding the bankruptcy proceedings in respect of Argon Credit, LLC and Argon X, LLC, the company has been informed by the Princeton Alternative Income Fund Ltd that it intends to take a reserve of $11.7 million against the Argon portfolio due to a decline in recent cash flows attributable to the portfolio.
Ranger is urgently seeking additional information from Princeton in connection with this notification, including in respect of the basis on which the reserve has been made.
They currently expect that the reserve will be treated as an impairment of its investment in Princeton which would result in an approximate decrease of 4% in the NAV per Ordinary Share calculated as at 28 February 2017.
Ranger is unable to confirm the precise impact of the reserve on NAV at the current time and is seeking clarification from Princeton. A further announcement will be made in due course.
RDL : Ranger takes 4% hit from Argon bankruptcy