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RM Secured looks to raise £10mln to fund lending pipeline

As well as providing additional capital to fund investments, the fundraising proceeds to repay drawn facilities under its revolving credit facility

RM Secured Direct Lending -
RM is looking to tap institutions in the Square Mile

RM Secured Direct Lending Plc (LON:RMDL) is seeking to raise up to £10mln from City institutions to continue investing in its “strong pipeline”.

The investment fund said manager RM Funds, which originates the secured and tailored loans in which the fund invests, “remains confident in its ability to continue to originate and close high quality investments”.

READ: RM Secured Direct generates NAV total return of 4.85% in first half

As well as providing additional capital to fund such potential transactions, proceeds of the placing will also be used to repay drawn facilities under RMDL's revolving credit facility.

Broker N+1 Singer will issue shares at a placing price of 100p per new share, a discount of 1.5% to the closing price of 101.5p on Wednesday.

In the first half of the year RMDL paid out a target-beating dividend of 3.625p as its portfolio grew 20% to £124.3mln and the average investment size increased 17% to £122mln.

Quick facts: RM Secured Direct Lending

Price: 72.5 GBX

LSE:RMDL
Market: LSE
Market Cap: £88.61 m
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