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Metrics Credit Partners

MCP Master Income Trust

Initial Public Offer

Metrics Credit Partners has announced the launch of ASX listed(1) MCP Master Income Trust (MCP Income Trust) and is seeking to raise up to $[500] million(2) through the Offer.

The MCP Income Trust will provide investors with direct exposure to the Australian corporate loan market by co-investing with institutional investors in a professionally managed and diversified loan portfolio.

It will pay monthly income and target a net cash return of 4.75%p.a. (RBA cash rate + 3.25%). This target rate will adjust in line with changes in interest rates.

This investment may be suitable for investors looking for monthly income and diversification of their income portfolio beyond traditional cash, bond and hybrid investments.

Morgans is a Joint Lead Manager to the Offer(3)

Key highlights

  • Ability to secure a Broker Firm allocation in the MCP Income Trust
  • Issue price of $2.00 per unit equal to the net asset value (NAV)(4)
  • Monthly cash distributions equal to the RBA cash rate + 3.25% i.e. approximately 4.75%p.a.(5)
  • Monthly income distributions that will move with changes in interest rates
  • Income supported by a professionally managed diversified portfolio of corporate loans
  • Retail investors pay the same fees as institutional investors
  • Expected low capital volatility(6)
  • ASX-listed liquidity

Issuer: MCP Income Trust

Transaction: Initial Public Offer

Morgans Role: Joint Lead Manager

Offer Size: $[500] million

Offer Open: 10 August 2017

Morgans Closing Date: 8 September 2017

  1. Application will be made to list MCP Master Income Trust on the ASX.
  2. The Offer size may be more or less than $[500] million.
  3. Morgans will receive fees for its role.
  4. Upfront costs will be expensed over the life of the initial 10 year management agreement.
  5. The first income distribution is scheduled to be paid at the end of the first quarter and monthly thereafter. The target distribution rate is set at the RBA cast rate +3.25% and will move in line with interest rate levels.
  6. The NAV will reflect the value of the loan portfolio assets and move accordingly.

More information

You can view full details of the offer in the Product Disclosure Statement below. If you have any questions about the offer, please contact your Morgans adviser or call 134 226.

Download Prospectus

MCP Income Trust shares are being offered only in Australia and the Prospectus will only constitute an offer to a person receiving it in Australia. Not for distribution, directly or indirectly, in the United States or to, or for the account or benefit of, US Persons, except in accordance with an available exemption from the registration requirements of the US Securities Act. The distribution of the Prospectus (including an electronic copy) in jurisdictions outside Australia may be restricted by law.

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