Metrics Master Income Trust completes $315m placement
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The news: Metrics Credit Partners' private debt fund Metrics Master Income Trust will resume trading today after completing a $315 million wholesale placement.
The numbers: The fund issued 157.5 million new shares at $2 each, which will begin trading on the exchange next Friday. Metrics shares last closed at $2.03
The context: The funds will be invested in new lending opportunities for further diversification of its portfolio in line with Metrics Master Income Trust’s investment mandate and target annual return of 3.25% above the Reserve Bank of Australia Cash rate.
Metrics Credit Partners is Pinnacle Investment Management’s private credit affiliate and manager of the Metric Master Income Trust. Shares in the trust entered a trading halt ahead of the placement's completion
What they said: “Since inception, the Trust has grown its exposure from 55 directly originated loan assets to now in excess of 300 loan assets,” Metrics’ managing partner Andrew Lockhart said.
“Today the Trust is one of the largest investment platforms providing investors exposure to private credit with ASX secondary market liquidity and paying monthly cash income. The Trust will have a Net Asset Value (NAV) of circa $2.44 billion post placement completion.”
The source: ASX
