Good evening,

Metrics has kicked off a multi-day offshore non-deal roadshow with a chunky deck for its Diversified Australian Senior Loan Fund circulating, Street Talk understands.

Sources said the non-bank lender is seeking to increase its debt facility after ruling off a $200 million-odd placement for its ASX-listed master income trust (MXT). Representatives are busy meeting with lenders across Asia with stops in Japan and Hong Kong on the agenda.

Metrics operates a complex structure across its 21 investment vehicles whereby its retail funds feed into its wholesale funds. Here, MXT feeds into the Metrics Wholesale Investments Trust (WIT) which feeds into the Diversified Australian Senior Loan Fund (DASLF). WIT and MXT are DASLF’s largest investments, accounting for 38.6 per cent of the fund.

Sources said Metrics is also looking to restructure its debt facility as part of the roadshow which will involve increasing its revolving loan and its term debt. Today, DASLF has a $1.6 billion syndicated credit facility made up of a $1.05 billion two-year revolver, of which $300 million is drawn, and a $550 million three-year term loan.

The 38-page deck, obtained by Street Talk, give readers a rare look under the hood of DASLF and Metrics’ position in Australia’s $1.2 trillion corporate debt market. At $16 billion in assets under management, Metrics reckons it’s now Australia’s ninth-largest corporate lender behind the big four banks, Rabobank, SMBC, BOC and Macquarie and the only non-bank corporate lender to crack the top 20.

Apart from Metric’s own strategies, DASLF’s largest backers include pension funds, investment managers, insurers and sovereign wealth funds.

Read the full story tomorrow and more on the Street Talk page.

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