Metrics Master Income Trust launches $315m placement
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The news: Metrics Credit Partners' private debt fund Metrics Master Income Trust has entered a trading halt on the ASX as it launches a wholesale placement to raise up to $315 million.
The numbers: Metrics will issue 157.5 million new shares to wholesale investors at $2 per share. Metrics shares last closed at $2.03.
The company expects cornerstone investors to place bids of up to $100 million.
The context: Funds raised under the placement will be invested by Metrics Credit Partners — Pinnacle's private credit affiliate and manager of the trust — for new lending opportunities for further diversification of its portfolio.
What they said: "It is now almost eight years since [Metrics] first listed on the ASX and during this time the trust has demonstrated a track record of performance and delivery on its investment objectives," Metrics' managing partner Andrew Lockhart said.
"The capital raised will be invested in accordance with the investment mandate and Metrics will seek to originate new lending opportunities to build out further diversification of the portfolio and maintain appropriate exposure to individual borrowers to avoid concentration of credit risk."
The source: ASX
