Fifth paragraph, first sentence of the release dated February 16, 2017, should read: Between January 4, 2017 and January 31, 2017, the Company funded ten separate transactions, totaling $6,780,000 as part of an existing $6,000,000 revolving trade finance facility with an Ecuadorian shrimp exporter, whose local suppliers of farm-raised shrimp are all licensed by INP, an Ecuadorian institute specialized in biological, technological and economic research aimed at the management and development of fisheries (instead of "Between January 4, 2017 and January 31, 2017, the Company funded ten separate transactions, totaling $6,780,000 as part of an existing $6,000,000 revolving trade finance facility with an Ecuadorian shrimp exporter, whose local suppliers of farm-raised shrimp are all licensed by the National Fisheries Institute, a global non-profit organization dedicated to promoting seafood safety, sustainability and nutrition.").
The corrected release reads:
TRILINC GLOBAL IMPACT FUND SURPASSES $500 MILLION IN INVESTMENTS IN AFRICA, LATIN AMERICA, AND SOUTHEAST ASIA
TriLinc Global Impact Fund announced today that it has funded an excess of $500 million in total aggregate investments since inception.During January alone, TriLinc has approved an additional $25.8 million in term loan and trade finance facilities to companies operating in Latin America and Sub-Saharan Africa, bringing total financing commitments as of January 31, 2017 to $270.1 million for business expansion and socioeconomic development through its holdings in Africa, Latin America, and Southeast Asia.
TriLinc Global Impact Fund (“TriLinc” or the “Company”) announced today that it has funded an excess of $500 million in total aggregate investments, since inception, across 20 countries and 38 sectors through its global network of institutional-class sub-advisors.
TriLinc is an impact investing fund that provides growth-stage loans and trade finance to established small and medium enterprises (“SMEs”) in developing economies where access to affordable capital is significantly limited. Impact Investing is defined as investing with the specific objective of achieving a competitive financial return as well as creating positive, measurable impact in communities across the globe.
TriLinc recently approved $25.8 million in term loan and trade finance transactions which meet the Company’s requirements for underwriting, economic development, and societal advancement, as described below:
On January 4, 2017, the Company funded $14,850,000 as part of a new $15,000,000 senior secured four-year term loan to a Namibian property developer. Priced at 12.50%, the term loan is set to mature on August 15, 2021 and is secured by a second-lien mortgage on the land bank. The company initially prepares the land by installing the necessary infrastructure, such as water piping, sewage, storm water reticulation, electric grid connections, road pavement, and street lighting, after which the property is sold to small- and medium-sized developers and individuals for residential and commercial construction. This project caters to middle-income individuals, many of whom are first-time home buyers. The borrower’s efforts seek to address the middle-income housing shortage that currently exists in Windhoek due to the steady increase in urbanization, combined with geographical hindrances. All of the company’s property development land acquisition meets the International Finance Corporation’s Performance Standards, as well as the company’s proprietary environmental management system.
Between January 4, 2017 and January 31, 2017, the Company funded ten separate transactions, totaling $6,780,000 as part of an existing $6,000,000 revolving trade finance facility with an Ecuadorian shrimp exporter, whose local suppliers of farm-raised shrimp are all licensed by INP, an Ecuadorian institute specialized in biological, technological and economic research aimed at the management and development of fisheries. With a fixed interest rate of 9.25%, the transactions are set to mature on June 6, 2017. The financings are secured by inventory, accounts receivable, and purchase contracts. The company uses state-of-the-art, cost-efficient cooling and freezing equipment to preserve the quality of their product and reduce their environmental footprint. TriLinc’s financing will support the borrower’s position as the seventh-largest shrimp exporter in Ecuador, strengthening the company’s ability to offer competitive wages, health services, and childcare support to its employees.
On January 13, 2017, the Company funded $167,578 as part of an existing $9,000,000 senior secured trade finance facility to an energy efficient Moroccan-based scrap metal recycler and processor that sources its product from local micro, small, and medium size suppliers. With an interest rate of one month Libor +10.50%, the transaction is secured by inventory and receivables and is set to mature on July 17, 2017. It is anticipated that TriLinc’s financing will support the borrower’s strategy in growing its employee base as the main employer where it operates, while increasing its market access as one of the only local companies engaged in the full value chain of processing recycled scrap metal into finished goods for local use and regional export.
Between January 19, 2017 and January 25, 2017, the Company funded two separate transactions, totaling $4,038,873, as part of a new $5,000,000 revolving trade finance facility with a Dolphin-Safe certified Ecuadorian tuna processor and exporter. Priced at 9.50%, both transactions are set to mature on May 9, 2017 and are secured by inventory and accounts receivable. TriLinc’s financing will support the borrower’s job creation efforts, as the borrower anticipates that it will increase its processing capacity by 30% in the next three years, requiring another work shift and a substantial increase in its workforce. The company is dedicated to the wellbeing of its employees, offering extensive training programs upon hiring, and performing human resource studies to measure the happiness and efficiency of its employees.
“We are extremely pleased with our ability to deploy over $500 million to local SMEs, successfully executing on our investment strategy to finance established, growth-stage companies in the catalytic middle market sector,” said Gloria Nelund, CEO of TriLinc. “We look forward to working with our current investment partners, in addition to sourcing new partners with promising deal pipeline, to continue to deliver competitive financial returns alongside measurable, positive social and economic impacts for both our portfolio companies and the communities in which they work.”
About TriLinc Global Impact Fund
TriLinc is a non-traded, externally managed, limited liability company that makes impact investments in SMEs in developing economies that provide the opportunity to achieve both competitive financial returns and positive measurable impact. TriLinc invests in SMEs through experienced local market sub-advisors, and expects to create a diversified portfolio of financial assets consisting primarily of collateralized private debt instruments. TriLinc’s investment objectives are to generate current income, capital preservation and modest capital appreciation. In addition, the Company aggregates and analyzes social, economic, and environmental impact data to track progress and measure success against stated objectives.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws and regulations. These forward-looking statements are identified by their use of terms and phrases such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "predict," "project," "should," "will" and other similar terms and phrases, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material.The Company undertakes no obligation to update any forward-looking statement contained herein to conform the statement to actual results or changes in the Company's expectations.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170216006013/en/
Contacts:
Gloria Nelund
Chief
Executive Officer
310-220-0871
