7th Aug 2019 14:32
(Alliance News) - RDL Realisation PLC said Wednesday it has refinanced the entirety of its loan balance as the company continues to wind down its portfolio.
The loan refinancing was secured by vehicle service contracts. RDL, formerly Ranger Direct Lending Fund, received a payoff of all of the outstanding obligations secured by VSCs, including principal, interest and reimbursable expenses totalling USD27.9 million
"The company still has a USD4.5 million enterprise value loan outstanding to a related entity of the VSC platform. This loan was due in May 2019; the company continues to receive monthly interest. RDL is in active discussions with the management of the VSC platform to restructure the loan owed in a mutually agreed upon and timely manner," RDL added.
RDL intends to declare a special dividend following the refinancing. The amount and timing of the dividend is yet to be determined.
RDL continued: "The company will also look to structure its dividend payments to maintain investment trust status for so long as it remains listed. Further announcements regarding dividend payments will be made in due course."
Shares in RDL Realisation were 1.1% higher in London on Wednesday at 479.00 pence each.
Related Shares:
RDL.L