MCP Income Opportunities Trust (MOT) lists on ASX
Sydney, 29 April 2019: The Trust Company (RE Services) Limited (ABN 45 003 278 831) (Responsible Entity) is the responsible entity for the MCP Income Opportunities Trust (ARSN 631 320 628), managed by Metrics Credit Partners Pty Ltd (ACN 150 646 996) (Metrics).
The Responsible Entity is pleased to announce that the MCP Income Opportunities Trust has today debuted on the ASX under the ASX ticker code of MOT after raising $300 million through an initial public offering.
This is the second listed investment trust managed by alternative asset manager Metrics, which has more than $3.7 billion of assets under management.
MOT targets cash income distribution of 7% p.a. which is intended to be paid quarterly, with a total target return of 8-10% p.a., net of fees. These are targets only and may not be achieved*.
“We are very pleased to launch our second listed investment trust on the ASX, raising $300 million with strong investor support” says Metrics’ Managing Partner, Andrew Lockhart.
MOT seeks to provide investors with exposure to a portfolio of private credit investments. The IPO attracted considerable investor demand from both cornerstone investors, many of which were existing investors in other Metrics-managed funds, as well as new investors, according to Lockhart.
MOT complements the existing listed investment trust managed by Metrics, the MCP Master Income Trust (ASX:MXT). The Metrics team is pleased to offer investors an alternative listed vehicle which aims to provide access to the attractive risk-adjusted returns available in the private credit market.
“MOT seeks to deliver quarterly income, preserve investor capital and manage investment risks while providing potential for upside gains through investments in private credit and related assets, whereas MXT seeks to deliver regular monthly income with low capital volatility,” Mr Lockhart added.
MXT has also returned to the capital markets and is planning to raise as much as $400 million through an Entitlement and Shortfall offer that opens on 6 May 2019.
Grant Samuel acted as Financial Adviser, Pinnacle Investment Management as Distribution Partner and MinterEllison as legal adviser.
Taylor Collison acted as Lead Arranger and Joint Lead Manager, Ord Minnett and Wilsons acted as Joint Lead Managers, and Bell Potter and Shaw Partners acted as Co-Managers.
Metrics is an alternative asset management firm specialising in direct lending to Australian companies and is an active participant in the Australian private credit market. Metrics launched its first wholesale fund in 2013 and is the appointed manager of a number of wholesale investment trusts and the MCP Master Income Trust (ASX: MXT), which successfully listed on 9 October 2017. Metrics currently manages in excess of $3.7 billion in assets.
Morell & Co
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