LCM secures $50 million credit facility

Litigation Capital Management Limited (AIM:LIT) has secured a US$50 million credit facility with Northleaf Capital Partners to provide the company with additional investment capital. Northleaf is a global private markets investment firm with experience in the litigation finance sector. The credit facility, which is secured against LCM’s assets, is available for general corporate purposes and has an overall term of four years. The coupon comprises a LIBOR based rate of 8% per annum together with a profit participation calculated by reference to the profitability of LCM’s direct investments. In all circumstances, the overall cost of the facility is capped at 13% per annum. Read more.

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LCM investment yields 195% IRR

LCM has announced the delivery of an award in favour of the funded party in an international arbitration, under the LCIA (London Court of International Arbitration) rules. The arbitration, seated in London and brought under the rules of the LCIA was for the determination of a construction dispute relating to a development in the Middle East. The investment forms part of LCM’s Direct Investment Portfolio and was 100% funded from the company’s balance sheet. The investment produced approximately £9.8 million in revenue and produced a 255% ROIC and a 195% IRR. The life of the investment was 26 months.

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