Metrics Master Income Trust Raises $315M, Lifts NAV to $2.44 Billion
Metrics Master Income Trust (MXT) has successfully completed a $315 million wholesale placement, boosting its portfolio diversification and increasing its net asset value to approximately $2.44 billion.
- Raised $315 million through placement of 157.5 million new units at $2.00 each
- Placement conducted under existing capacity without securityholder approval
- Post-placement NAV estimated at $2.44 billion
- Proceeds to enhance diversification in Australian private credit loan assets
- New units rank equally with existing units and begin trading 4 June 2025
A Significant Capital Raise
Metrics Master Income Trust (ASX: MXT), a prominent player in Australia's private credit market, has announced the successful completion of a wholesale placement raising $315 million. The Trust issued 157.5 million new fully paid ordinary units at $2.00 each, leveraging its existing placement capacity under ASX Listing Rule 7.1, which allowed the transaction to proceed without the need for securityholder approval.
Strategic Growth and Diversification
The capital raised will be deployed in line with the Trust’s established investment mandate, focusing on expanding and diversifying its portfolio of Australian corporate loan assets. Since its inception, MXT has grown from holding 55 directly originated loan assets to over 300, positioning itself as one of the largest listed platforms offering exposure to private credit with the added benefit of ASX secondary market liquidity and monthly income distributions.
Investor Confidence and Market Position
Andrew Lockhart, Managing Partner of Metrics, expressed satisfaction with the strong investor support, describing the placement as a "resounding vote of confidence" in the Trust’s performance and strategy. The proceeds will enable MXT to continue sourcing non-bank financing opportunities for Australian companies, enhancing portfolio diversification and potentially improving income outcomes for investors.
Trading and Unit Details
The new units are expected to commence trading on the ASX on 4 June 2025, with settlement scheduled for 5 June and official quotation on 6 June. These units will rank equally with existing units, including entitlement to distributions from the date of issue, although they will not participate in the interim distribution declared for May 2025.
Looking Ahead
With a post-placement net asset value around $2.44 billion, MXT is well-positioned to capitalize on opportunities within the Australian private credit market. The Trust’s continued growth and diversification efforts reflect a broader trend of investor appetite for alternative income-generating assets amid evolving market conditions.
Bottom Line?
MXT’s $315 million placement marks a pivotal step in scaling its private credit portfolio, setting the stage for future growth and income potential.
Questions in the middle?
- How will the placement impact MXT’s unit price and distribution yield in the near term?
- What specific sectors or types of corporate loans will the new capital target within the Australian market?
- Could this capital raise signal increased competition or consolidation in the private credit space?
