Current Unit Price: (20 min. delayed price) ASX:MXT $2.03 0.00%
NAV as at COB: 21.04.21 $2.0057
Current Unit Price: (20 min. delayed price) ASX:MOT $2.00 0.50%
NAV as at COB: 21.04.21 $2.0352

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Investec sells $1.2bn loan book

Investec Australia has agreed to offload its $1.2bn corporate and acquisition finance loan portfolio to Metrics Credit Partners, as it accelerates its exit from this market.

The parties started informing customers of the agreed deal on Wednesday morning, as revealed by The Australian. That was followed by a formal statement by Investec and Metrics about the acquisition, which didn’t disclose the purchase price.

The loan portfolio is a mix of Australian leveraged finance and asset-backed loans, and is being sold as part of Investec’s decision last year to retreat from Australia after 23 years.

Investec Australia country head Milton Samios said the transaction reflected a “very fair price” for the portfolio after the bank received a host of inbound interest in the loan book. He said the loan portfolio divestment — expected to complete by the end of April — was likely to accelerate Investec’s exit from Australia which he’d earlier estimated could take 12 to 18 months.

The transaction will see non bank corporate lender and alternative asset manager Metrics bulk up its loan portfolio, which is more than $6.5bn.

“This is a great outcome for investors because it will add to the diversity and liquidity across our funds and lead to an uplift in expected total returns. The credit quality of this portfolio is sound and provides a great opportunity to expand our relationship with Australian corporate borrowers,” said Metrics’ managing partner Andrew Lockhart.

He said Metrics had conducted extensive due diligence and labelled the Investec loan book a “performing portfolio”, despite the impact of COVID-19.

“The opportunity to acquire this portfolio, particularly where there wasn’t a huge amount of crossover between our existing portfolio and the Investec portfolio… presents a good opportunity to further diversify our funds.”

The loan portfolio comprises leveraged finance and fund finance loans to corporates and funds across business services, entertainment, retail, childcare, healthcare, mining services and financial services in Australia.

Investec’s resource finance and project and infrastructure finance loan portfolios were not included in the transaction.

The Australian’s DataRoom column earlier this month flagged that Metrics was in the race for the Investec portfolio, alongside parties including Macquarie Group, local group Amicaa and Deutsche Bank.

Investec staff were not included in the deal terms with Metrics but the firm has hired one staff member from the closing business.

Mr Lockhart said Metrics was continuing on a growth path and had plans to start a new unlisted fund, after recently kicking off a New Zealand private debt vehicle.

Investec’s local staff and customers were told of the wind down — which impacts about 100 staff — in December.

Investec, which is dual-listed in London and Johannesburg, is aiding Australian staff facilitate a spin-off of the corporate advisory business and is also moving to externalise the emerging companies unit. Mr Samios said those moves were “on track”.

The Australian, 24 March 2021 – Investec sells $1.2bn loan book

For further coverage on this announcement, see below:
Current Unit Price: (20 min. delayed price) ASX:MXT $2.03 0.00%
NAV as at COB: 21.04.21 $2.0057
Current Unit Price: (20 min. delayed price) ASX:MOT $2.00 0.50%
NAV as at COB: 21.04.21 $2.0352

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All website content in respect of the MCP Income Opportunities Trust ARSN 631 320 628 (the Trust) is issued by The Trust Company (RE Services) Limited ABN 45 003 278 831 AFSL 235 150 (Perpetual) as responsible entity of the Trust and is prepared by Metrics Credit Partners Pty Ltd ABN 27 150 646 996 AFSL 416 146 (Metrics) as the investment manager of the Trust.

The information provided in this website is of a general nature only and has been prepared without taking into account your objectives, financial situation or needs. Before making an investment decision in respect of the Trust, you should consider the current product disclosure statement (PDS) of the Trust, and the Trust’s other periodic and continuous disclosure announcements lodged with the ASX, which are available at www.asx.com.au, and assess whether the Trust is appropriate given your objectives, financial situation or needs. If you require advice that takes into account your personal circumstances, you should consult a licensed or authorised financial adviser.

Neither Perpetual nor Metrics guarantees repayment of capital or any particular rate of return from the Trust. Neither Perpetual nor Metrics gives any representation or warranty as to the currency, reliability, completeness or accuracy of the information contained in this website. All opinions and estimates included in this website constitute judgments of Metrics as at the date of website creation and are subject to change without notice. Past performance is not a reliable indicator of future performance.

Cororate Governance
Personal Trading in Non-Perpetual Securities | RE Services Personal Trading in Non-Perpetual Securities | Unitholders Communications Policy | Continuous Disclosure Policy

The Zenith Investment Partners (ABN 27 103 132 672, AFS Licence 226872) (“Zenith”) rating (assigned May/2019) referred to in this document is limited to “General Advice” (s766B Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual and is subject to change at any time without prior notice. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Past performance is not an indication of future performance. Zenith usually charges the product issuer, fund manager or related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessments and at http://www.zenithpartners.com.au/RegulatoryGuidelines

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All website content in respect of the Metrics Direct Income Fund ARSN 641 620 331 (the Fund) is issued by Evolution Trustees Limited ACN 611 839 519 AFSL 486 217 (Evolution) as responsible entity of the Fund. Metrics Credit Partners Pty Ltd ABN 27 150 646 996 AFSL 416 146 (Metrics) is the investment manager of the Fund.

The information provided in this website is of a general nature only and has been prepared without taking into account your objectives, financial situation or needs. Before making an investment decision in respect of the Fund, you should consider the current product disclosure statement (PDS) of the Fund which is available at www.metrics.com.au, and assess whether the Fund is appropriate given your objectives, financial situation or needs. If you require advice that takes into account your personal circumstances, you should consult a licensed or authorised financial adviser.

Neither Evolution nor Metrics guarantees repayment of capital or any particular rate of return from the Fund. Neither Evolution nor Metrics gives any representation or warranty as to the currency, reliability, completeness or accuracy of the information contained in this website. All opinions and estimates included in this website constitute judgments of Metrics as at the date of website creation and are subject to change without notice. Past performance is not a reliable indicator of future performance.

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