TriLinc Global Impact Fund LLC 8-K, filed Oct 22, 2020
TriLinc Global Impact Fund LLC (TRLC)
About this 8-K
TriLinc Global Impact Fund LLC filed this 8-K on October 22, 2020.
Items reported
- Item 7.01: Regulation FD disclosure
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 22, 2020
TriLinc Global Impact Fund, LLC
(Exact name of Registrant as Specified in Its Charter)
|
Delaware |
000-55432 |
36-4732802 |
|
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
|
|
|
|
|
1230 Rosecrans Avenue, Suite 605 Manhattan Beach, CA |
|
90266 |
|
(Address of Principal Executive Offices) |
|
(Zip Code) |
Registrant’s Telephone Number, Including Area Code: (310) 997-0580
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):
|
☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Securities registered pursuant to Section 12(b) of the Act:
|
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
|
None |
N/A |
N/A |
ITEM 7.01 Regulation FD DISCLOSURE.
Press Release
On October 22, 2020, TriLinc Global Impact Fund, LLC (“TGIF”) issued a press release announcing the approval of a new sub-advisor. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K. The information in this Item 7.01 and the press release attached hereto as Exhibit 99.1 are furnished pursuant to Item 7.01 and shall not be deemed “filed” for any purpose, including for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of Section 18. The information in this Item 7.01 of this Current Report on Form 8-K, including the exhibit furnished herewith, shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in any such filing.
ITEM 8.01 OTHER EVENTS.
Portfolio Update
As previously reported, between July 2016 and April 2017, TGIF purchased nine participation interests totaling $9,000,000 (the “Participation”) in a trade finance facility originated by Scipion Active Trading Fund, a fund advised by TGIF’s sub-advisor, Scipion Capital, Ltd. (“Scipion”), with Mac Z Group SARL (“Mac Z”), a scrap metal recycler located in Morocco, as the borrower. As of June 30, 2020, the outstanding principal balance on this Participation was $7,349,626 with no accrued interest. As also previously reported, a judgment was received on December 18, 2017, in English court ordering Mac Z and its corporate guarantor to make payment. In parallel with Scipion’s recovery plan with respect to Mac Z, Scipion informed TGIF that it had received a judgment in its favor with respect to its claim against Mac Z’s collateral manager under the collateral manager’s professional indemnity insurance policy. On September 29, 2020, Scipion received the settlement payment from the collateral manager’s insurer and remitted an approximately $8 million pro-rata share (net of legal and other expenses) of the settlement to TGIF. TGIF also expects to receive additional proceeds through the liquidation of Mac Z’s remaining copper scrap collateral, although there can be no assurances as to the amount of proceeds that will be received or the timing of any payments from the liquidation.
|
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS. |
|
|
(d) |
Exhibits |
Forward-Looking Statements
This press release contains forward-looking statements (including, without limitation, statements concerning future payments to TGIF from the liquidation of Mac Z’s remaining collateral) that are based on TGIF’s current expectations, plans, estimates, assumptions, and beliefs that involve numerous risks and uncertainties, including, without limitation, whether the remaining collateral is liquidated successfully and there are sufficient proceeds in excess of expenses to remit to TGIF, and those risks set forth in the “Risk Factors” section of TGIF’s most recent Annual Report on Form 10-K, as amended or supplemented by TGIF’s other filings with the Securities and Exchange Commission. Although these forward-looking statements reflect management’s belief as to future events, actual events or TGIF’s investments and results of operations could differ materially from those expressed or implied in these forward-looking statements. To the extent that TGIF’s assumptions differ from actual results, TGIF’s ability to meet such forward-looking statements may be significantly hindered. You are cautioned not to place undue reliance on any forward-looking statements. TGIF cannot assure you that it will attain its investment objectives.
|
|
|
|
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
|
|
|
|
|
|
|
|
|
|
|
|
TRILINC GLOBAL IMPACT FUND, LLC |
||
|
|
|
|
|
|||
|
October 22, 2020 |
|
|
|
By: |
|
/s/ Gloria S. Nelund |
|
|
|
|
|
Name: |
|
Gloria S. Nelund |
|
|
|
|
|
Title: |
|
Chief Executive Officer |
Exhibit 99.1 PRESS RELEASE OF TRILINC GLOBAL IMPACT FUND, LLC
Los Angeles, CA (October 22, 2020) – TriLinc Global Impact Fund, LLC (“TriLinc Global Impact Fund” or “TGIF”) announced that it has approved a new trade finance sub-advisor, Origin Capital Limited, (“Origin”), for business expansion and socioeconomic development in Latin America and Africa, broadening its existing term loan and trade finance investment capabilities in Sub-Saharan Africa, Latin America, Southeast Asia, and Emerging Europe.
TGIF is an impact investing fund that provides growth-stage loans and trade finance to established small and medium enterprises (“SMEs”) primarily 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.
TGIF complements its global macroeconomic portfolio optimization and management with investment services from experienced sub-advisors that have established track records in target asset classes and geographies, and access to high-quality investment pipelines. Collectively, TGIF’s eleven sub-advisors, including Origin, have deployed over $43 billion in developing economy debt transactions.
Origin originates, structures, and manages transactions in Latin America and Africa, and partners with larger funds, development banks, and institutional investors. Origin is differentiated by a combination of investment skills, local and international networks, and a thorough understanding of the Latin American and African environments. Origin’s founding partners have more than 50 years of combined experience in private debt, banking, and asset management in emerging markets.
“We are very excited about our partnership with Origin for broadening our existing term loan and trade finance investment capabilities throughout Latin America and Africa,” commented Gloria Nelund, CEO of TGIF. “International trade has the potential to deliver important, short, medium, and long-term economic development to SMEs and the communities in which they operate. Origin’s in-country networks, market knowledge, and institutional quality approach to portfolio management aligns with TGIF’s goal to continue delivering risk-adjusted returns to our investors while creating positive, measurable impact in communities across the globe.”
Andre Tonkin, Partner and Origin Co-Founder, said “Origin is honored to collaborate with TGIF to create impactful capital access solutions servicing the Latin America and Africa regions. Our mutual passion for development in emerging markets is the key element that has bound our teams together.”
About TriLinc Global Impact Fund
TGIF is a public non-traded, externally managed, limited liability company that makes impact investments in SMEs primarily in developing economies that provide the opportunity to achieve both competitive financial returns and positive measurable impact. TGIF 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. In addition, TGIF 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 (including, without limitation, statements concerning the business expansion expected as a result of Origin becoming one of TGIF’s sub-advisors) that are based on TGIF’s current expectations, plans, estimates, assumptions, and beliefs that involve
numerous risks and uncertainties, including, without limitation, the future performance of the sub-advisor and the investment opportunities it is able to source and those risks set forth in the “Risk Factors” section of TGIF’s most recent Annual Report on Form 10-K, as amended or supplemented by TGIF’s other filings with the Securities and Exchange Commission. Although these forward-looking statements reflect management’s belief as to future events, actual events or TGIF’s investments and results of operations could differ materially from those expressed or implied in these forward-looking statements. To the extent that TGIF’s assumptions differ from actual results, TGIF’s ability to meet such forward-looking statements may be significantly hindered. You are cautioned not to place undue reliance on any forward-looking statements. TGIF cannot assure you that it will attain its investment objectives.