Marble Point Loan Financing : MPLF - Q1 2020 Financial Statements

MARBLE POINT LOAN FINANCING LIMITED

UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE QUARTER ENDED 31 MARCH 2020

1

Table of Contents

Unaudited Consolidated Financial Statements

Unaudited Consolidated Statement of Assets and Liabilities 2

Unaudited Consolidated Condensed Schedule of Investments 3

Unaudited Consolidated Statement of Operations 8

Unaudited Consolidated Statement of Changes in Net Assets 9

Unaudited Consolidated Statement of Cash Flows 10

Notes to Unaudited Consolidated Financial Statements 11

Unaudited Supplemental Information

38

Unaudited Consolidated Financial Statements

Unaudited Consolidated Statement of Assets and Liabilities

At 31 March 2020 and 31 December 2019

(Expressed in United States dollars)

31 March 2020

31 December 2019

(Unaudited)

(Audited)

ASSETS

Investments (cost at 31 March 2020: $293,819,860; 31 December 2019: $278,574,091) Receivable for investments sold

$

212,864,038

$ 273,532,922

716,698 5,897,434

Cash and cash equivalents Interest receivable

6,608,947 12,318,714

459,303 613,389

Other assets

385,207 385,960

Total assets

221,034,193

292,748,419

LIABILITIES

Funding Subsidiary Facility payable Company Revolving Facility payable

101,000,000 3,100,000

98,000,000 -

7.50% Senior Unsecured Notes due 2025 (unamortised deferred debt issuance costs at 31 March 2020: $951,041; 31 December 2019: $983,980)

28,548,959 28,516,020

Payable for investments purchased

6,547,377 4,012,109

Interest payable

936,027 441,550

Other liabilities

504,431 535,071

Total liabilities

140,636,794

131,504,750

NET ASSETS attributable to Ordinary Shares (shares at 31 March 2020: 205,716,892; 31 December 2019: 205,716,892)

Net asset value per Ordinary Share

$ $

80,397,399

• $ 161,243,669

0.39

$

0.78

See accompanying notes to the unaudited consolidated financial statements

At 31 March 2020

(Expressed in United States dollars)

% of NetPrincipal Amount /Descriptions

Asse ts

Shares

Cost

Fair ValueInvestments

Floating-rate senior secured loans(1)Australia

Communications

0.33 % $

• 1,238,286 $

1,228,055 $ 268,881

CanadaCommunications

Telesat Canada, Term Loan B, 1st Lien, 2.75%, 06/12/26 Energy

Health Care

Valeant Pharmaceuticals International, Term Loan B, 1st Lien, 3.00%, 02/06/25

Total Canada

1.08 0.41 1.44 2.93

919,356 445,346

917,123 868,791

408,092 329,556

1,216,645 2,581,347

1,213,603 2,538,818

1,160,375 2,358,722

Cayman IslandsIndustrial

IBC Capital Ltd (Goodpack Limited), Term Loan B, 1st Lien, 3.75%, 11/09/23

1.26

1,200,500

1,198,491 1,014,423

France

Industrial

0.18

175,018

175,018 143,515

GermanyCommunications

Springer Nature One GmbH, Term Loan B16, 1st Lien, 3.50%, 14/08/24

1.08

941,022

942,282 865,740

Luxembourg

Basic Materials

0.19

166,054

166,054 142,807

NetherlandsBasic Materials

Starfruit Finco BV (Akzonobel), Term Loan B, 1st Lien, 3.00%, 01/10/25 Other

Total Basic Materials

Industrial

Total Netherlands

1.29 0.52 1.81 0.58 2.39

1,148,903 490,705 1,639,608

623,326 2,262,934

1,144,260 488,898 1,633,158 618,086 2,251,244

1,034,013 424,460 1,458,473 467,495 1,925,968

United StatesBasic Materials

ASP Prince Merger Sub Inc, Term Loan, 1st Lien, 3.50%, 31/03/25

0.90

1,263,220

1,258,498 726,352

ASP Prince Merger Sub Inc, Term Loan, 2nd Lien, 7.75%, 30/03/26

0.38

609,000

604,014 304,500

ASP Unifrax Holdings Inc, Term Loan B, 1st Lien, 3.75%, 12/12/25

0.61

617,188

615,235 487,578

CPG International, Inc., Term Loan, 1st Lien, 3.75%, 06/05/24

1.04

984,288

982,445 834,597

Helix Acquisition Holdings Inc, Term Loan, 1st Lien, 3.75%, 30/09/24

1.13

1,234,177

1,208,136 910,206

Quikrete Holdings, Term Loan B, 1st Lien, 2.50%, 01/02/27

1.43

1,246,875

TMS International Corp, Term Loan B, 1st Lien, 2.75%, 14/08/24 Other

1.16

1,082,376

7.88

8,184,652

Total Basic Materials

14.53

15,221,776

1,243,785 1,082,376 8,127,578 15,122,067

1,147,125 930,844 6,331,355 11,672,557

Communications

Cablevision, Term Loan B, 1st Lien, 2.25%, 17/07/25

Hemisphere Media Holdings LLC, Term Loan B, 1st Lien, 3.50%, 14/02/24 Other

Total Communications

2.89 1.90 3.91 8.70 % $

2,449,622 1,859,965 3,485,803

2,449,622 2,323,050

1,861,142 1,531,365

3,468,874 3,138,462

7,795,390

$

7,779,638

$

6,992,877

(1)Interest on floating-rate senior secured loans is based on a spread, or fixed rate, over LIBOR (which typically resets every 30 to 90 days) or a similar base rate. Rates shown represent the spread, or fixed rate, of the total interest rate per respective loan contracts.

See accompanying notes to the unaudited consolidated financial statements

At 31 March 2020

(Expressed in United States dollars)

% of NetPrincipal Amount /Descriptions

Assets

Shares

Cost

Fair ValueInvestments (continued)

Floating-rate senior secured loans (continued)(1)

United States (continued)

Consumer, Cyclical

Dealer Tire LLC., Term Loan B, 1st Lien, 4.25%, 15/12/25

1.32 % $

• 1,304,730 $

1,301,544 $ 1,060,093

Dexko Global Inc, Term Loan, 1st Lien, 3.50%, 24/07/24

1.71

1,634,965

1,625,965 1,378,815

Harbor Freight Tools USA, Inc., Term Loan, 1st Lien, 2.50%, 16/08/23

1.10

977,496

Michael's Stores Inc., Term Loan B, 1st Lien, 2.50%, 30/01/23

1.90

1,838,298

Tenneco Inc, Term Loan B, 1st Lien, 3.00%, 01/10/25

1.05

1,234,375

977,496 1,838,298 1,234,375

883,656 1,525,787 841,844

Weight Watchers International, Inc., Term Loan B, 1st Lien, 4.75%, 29/11/24

2.43

2,056,412

2,026,785 1,953,592

Wilsonart LLC, Term Loan D, 1st Lien, 3.25%, 19/12/23

1.76

1,723,418

1,723,418 1,413,203

Other

5.58

9,236,824

8,971,369 4,492,972

Total Consumer, Cyclical

16.85

20,006,518

19,699,250

13,549,962

Consumer, Non-cyclical

Bass Pro Group L.L.C, Term Loan B, 1st Lien, 5.00%, 25/09/24 Other

Total Consumer, Non-cyclical

Energy

1.02 5.14 6.16 3.25

984,849 4,656,891 5,641,740 3,858,541

Financial

Advisor Group Holdings, Inc., Term Loan B, 1st Lien, 5.00%, 31/07/26 Blackstone Mortgage Trust, Inc., Term Loan B, 1st Lien, 2.25%, 23/04/26 Fortress Investment Group LLC, Term Loan B, 1st Lien, 2.00%, 27/12/22 Greenhill & Co Inc, Term Loan B, 1st Lien, 3.25%, 12/04/24

1.03

1,101,412

980,959 4,641,801 5,622,760 3,691,691 1,086,103

822,349 4,131,432 4,953,781 2,612,546 827,160

1.54

1,439,143

1,435,728 1,237,663

1.49

1,250,000

1,240,716 1,196,875

1.85

1,711,285

1,707,490 1,488,818

Trident LS Merger Sub Corp (LegalShield), Term Loan, 1st Lien, 3.25%, 01/05/25 Other

1.02

972,906

5.31

4,935,399

Total Financial

12.24

11,410,145

968,539 4,916,624 11,355,200

822,106 4,268,038 9,840,660

Health Care

Alvogen Pharma US, Inc., Term Loan B, 1st Lien, 5.25%, 29/12/23

2.08

1,936,996

1,930,778 1,670,659

Amneal Pharmaceuticals, Term Loan B, 1st Lien, 3.50%, 05/05/25

1.32

1,246,827

1,242,128 1,057,720

DuPage Medical, Term Loan, 1st Lien, 2.75%, 15/08/24

1.82

1,856,716

1,853,805 1,466,806

Elanco Animal Health Inc., Term Loan B, 1st Lien, 1.75%, 04/02/27

1.47

1,250,000

1,250,000 1,181,250

Gentiva Health Services Inc (Kindred At Home), Term Loan B, 1st Lien, 3.25%, 02/07/25

1.40

1,206,448

1,196,835 1,128,029

MedRisk LLC, Term Loan, 1st Lien, 2.75%, 27/12/24

1.23

1,233,207

1,228,337

992,731

PetVet Care Centers, LLC, Term Loan, 1st Lien, 2.75%, 14/02/25

1.40

1,365,412

1,361,898 1,128,745

Wink Holdco, Inc., Term Loan, 1st Lien, 3.00%, 02/12/24

2.23

2,132,343

2,128,453 1,789,036

Other

5.05

5,281,952

5,115,467 4,060,470

Total Health Care

18.00

17,509,901

17,307,701

14,475,446

Industrial

Ingersoll-Rand Services/Gardner Denver, Term Loan B, 1st Lien, 1.75%, 26/02/27

1.62

1,388,890

1,387,154 1,298,612

STS Operating Inc (SunSource), Term Loan, 1st Lien, 4.25%, 11/12/24

1.83

1,841,955

1,839,443 1,473,564

STS Operating Inc (SunSource), Term Loan, 2nd Lien, 8.00%, 30/04/26

0.46

488,000

481,957

373,320

TransDigm, Inc., Term Loan F, 1st Lien, 2.25%, 09/12/25

1.28

1,111,606

1,108,892 1,025,456

Werner FinCo Ltd, Term Loan, 1st Lien, 4.00%, 24/07/24 Other

1.33

1,227,960

1,212,869 1,068,325

5.69

5,461,605

5,428,000 4,581,199

Total Industrial

12.21

11,520,016

11,458,315

9,820,476

Technology

Almonde, Inc. (Misys), Term Loan B, 1st Lien, 3.50%, 13/06/24

1.23

1,166,305

1,162,429

987,196

Dell International LLC, Term Loan B, 1st Lien, 2.00%, 19/09/25

1.48

1,250,000

1,245,313 1,188,288

Genuine Financial Holdings LLC. (HireRight), Term Loan, 1st Lien, 3.75%, 11/07/25

1.27

1,248,938

1,244,036 1,017,885

Global Tel Link Corporation, Term Loan, 1st Lien, 4.25%, 28/11/25

1.52

1,455,366

1,453,334 1,222,508

Global Tel Link Corporation, Term Loan, 2nd Lien, 8.25%, 27/11/26

0.75

750,000

747,506

600,000

(1)Interest on floating-rate senior secured loans is based on a spread, or fixed rate, over LIBOR (which typically resets every 30 to 90 days) or a similar base rate. Rates shown represent the spread, or fixed rate, of the total interest rate per respective loan contracts.

See accompanying notes to the unaudited consolidated financial statements