Edison Investment Research - Marble Point Loan Financing (MPLF) Marble Point Loan Financing - Cash flow still strong

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Edison Investment Research

Pedro Fonseca

Marble Point Loan Financing - Cash flow still strong

Marble Point Loan Financing (MPLF) is a closed-end fund that invests in leveraged loans mostly by buying the equity tranches in collateralised loan obligations (CLOs) managed by Marble Point Credit Management (Marble Point). The experienced credit investment team employs a conservative, disciplined approach. Unlike most of its peers, MPLF marks its portfolio to market, which resulted in considerable NAV volatility during the pandemic. NAV halved during Q120 but subsequently rose by nearly 50%. However, although loan defaults have risen in its underlying portfolio, cash flow generation has remained strong. After suspending its dividend in April 2020, reinstated it in August and the shares now offer a yield of 15.1%.

23/11/2020 1 EN

Underlying

Marble Point Loan Financing

Marble Point Loan Financing Limited is a Guernsey-based closed-ended investment company. The Company's investment objective is to generate stable current income and grow net asset value by earning a return on equity in excess of the amount distributed as dividends. It has invested in a diversified portfolio of United States dollar denominated; broadly syndicated floating rate senior secured corporate loans owned via collateralized loan obligations. Marble Point Credit Management LLC is the Company's investment manager that provides investment advisory and management services.

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GG00BF1Q4G54 London Stock Exchange Guernsey

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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Pedro Fonseca

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Marble Point Loan Financing - Cash flow still strong

Marble Point Loan Financing Limited: 2 directors

Marble Point Loan Financing - Dividend suspended

Datatec - FY24 underlying EPS more than doubles y-o-y

Pan American Silver - La Arena divestment

SenSen Networks - Time to scale

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