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QuotedData’s morning briefing 7 October 2021

In QuotedData’s morning briefing 7 October 2021:

  • JZ Capital Partners has agreed with its existing senior lenders to borrow a further amount of $16.0m under its senior secured debt facility. This is a ‘first out loan’ which means it gets repaid first as the company frees up cash from its portfolio. The interest rate is LIBOR + 9.75%, with a 1% floor for LIBOR. The company’s senior facility matures on 12 June 2022, the subordinated loan notes mature on 11 September 2022 and the redemption of the zero dividend preference shares falls due on 1 October 2022. Following the increase in loan amount, the total amount outstanding under the senior facility will be $51,953,440 of which $16,000,000 will be ‘first out loans’.
  • Yesterday, KKV Secured Loan Fund announced that two loans within the C share class portfolio, that provided regulatory capital for a US insurance business, have been purchased by another party for $4.0m. As at 31 December 2020, the loans had a carrying value of zero. The loans were marked as Borrower 42 and 58 within the C share portfolio. Additionally, a loan within the ordinary share portfolio that financed domestic heating systems and associated maintenance contracts has been settled. The loan was purchased for £3.8m. As at 31 December 2020, the loan had a carrying value of £3.0m. The loan was marked as Borrower 10.

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