424B3 1 d938191d424b3.htm 424B3 424B3

Filed Pursuant to Rule 424(b)(3)
Registration No. 333-185676

TRILINC GLOBAL IMPACT FUND, LLC

SUPPLEMENT NO. 3 DATED JUNE 5, 2015

TO THE PROSPECTUS DATED APRIL 27, 2015

This prospectus supplement (“Supplement”) is part of and should be read in conjunction with the prospectus of TriLinc Global Impact Fund, LLC (the “Company”), dated April 27, 2015, as supplemented by Prospectus Supplement No.1, dated May 12, 2015, and Prospectus Supplement No. 2, dated May 15, 2015 (the “Prospectus”). Unless otherwise defined herein, capitalized terms used in this Supplement shall have the same meanings as in the Prospectus.

The purposes of this Supplement are as follows:

 

A. To provide information regarding our public offering;

 

B. To provide information regarding distributions declared; and

 

C. To update the section of the Prospectus titled “Business.”

 

A. Status of Our Public Offering

As of June 3, 2015, we had raised gross proceeds of approximately $88.6 million from the sale of approximately 9.3 million units of our limited liability company interest, including units issued pursuant to our distribution reinvestment plan.

 

B. Declaration of Distributions

On May 11, 2015, with the authorization of our board of managers, the Company declared distributions for all classes of units for the period from May 1 through May 31, 2015. These distributions were calculated based on unitholders of record for each day in an amount equal to $0.00197808 per unit per day (less the distribution fee with respect to Class C units). On June 1, 2015, $363,691 of these distributions were paid in cash and on May 31, 2015, $189,037 were reinvested in the Company’s units for those investors participating in the Company’s unit Distribution Reinvestment Plan. Some or all of the Company’s distributions have been and may continue to be paid from sources other than cash flow from operations, such as capital contributions from the Sponsor, cash resulting from a waiver or deferral of fees, and/or proceeds from this offering.

 

C. Update to the Section Titled “Business”

 

1. The following information updates and supplements the “Business—Investments—Overview” section of the Prospectus to provide certain information regarding the Company’s investment portfolio as of May 31, 2015:

 

Investments

Since the Company commenced operations and through May 31, 2015, the Company has funded in excess of $138.5 million in in aggregate investments, including $25.7 million in short-term investments. As of May 31, 2015, the Company’s portfolio consisted of $76.3 million in total loan commitments, with $57.3 million in current loan outstandings across 18 separate investments. Given the Company’s weighted average portfolio duration of less than a year, a significant portion of the secured borrower debt has paid off and been reinvested in new transactions.

As of May 31, 2015, the Company had the following investments:

Investment Portfolio

 

Description

 Sector Country Investment
Type		 Maturity1 Interest
Rate2		   Total Loan
Commitment3		   Total
Amount
Outstanding4		   Primary
Impact
Objective

Agricultural5 Supplies Producer

   Agricultural
Chemicals		   South Africa   Trade
Finance		   3/12/2015     13.00%      $ 10,000,000      $ 1,440,676      Job Creation

Agriculture Distributor6

   Farm-Product
Raw Materials		   Argentina   Trade
Finance		   12/15/2015     9.00%      $ 7,000,000      $ 7,000,000      Job Creation

Beef Exporter

   Meat Products   Argentina   Trade
Finance		   6/4/2015     11.98%      $ 7,000,000      $ 6,000,000      Job Creation

Candle Distributor

   Miscellaneous
Manufacturing
Industries		   South Africa   Trade
Finance		   6/1/2015     12.91%      $ 1,400,000      $ 1,375,422      Job Creation

Cement Distributor

   Cement,
Hydraulic		   Kenya   Trade
Finance		   9/30/2015     14.25%      $ 7,000,000      $ 7,000,000      Job Creation

Construction Materials Distributor

   Hardware,
Plumbing, and
Heating
Equipment		   South Africa   Trade
Finance		   7/1/2015     12.75%      $ 750,000      $ 400,652      Job Creation

Consumer Goods Distributor

   Groceries and
Related Products		   Namibia   Trade
Finance		   5/14/2015     12.00%      $ 2,000,000      $ 2,000,000      Job Creation

Dairy Co-Operative

   Dairy Products   Argentina   Trade
Finance		   2/25/2016     10.85%      $ 6,000,000      $ 6,000,000      Job Creation

Diaper Manufacturer7

   Converted Paper
and Paperboard
Products		   Peru   Term Loan   6/15/2017     15.57%      $ 2,750,000      $ 2,750,000      Job Creation

Farm Supplies Distributor8

   Miscellaneous
Non-Durable
Goods		   Zambia   Trade
Finance		   10/25/2015     12.18%      $ 15,000,000      $ 9,435,349      Job Creation

Fruit & Nut Distributor

   Groceries and
Related Products		   South Africa   Trade
Finance		   5/22/2015     17.50%      $ 1,250,000      $ 932,029      Job Creation

Meat Processor

   Meat Products   South Africa   Trade
Finance		   1/28/2016     14.50%      $ 2,800,000      $ 1,911,910      Job Creation

Mine Remediation Company

   Metal Mining
Services		   South Africa   Trade
Finance		   2/2/2016     17.50%      $ 3,250,000      $ 2,503,860      Job Creation

Rice & Bean Importer

   Groceries and
Related Products		   South Africa   Trade
Finance		   6/27/2015     12.50%      $ 1,000,000      $ 1,000,000      Job Creation

Soybean Distributor

   Fats and Oils   Argentina   Trade
Finance		   2/3/2016     8.89%      $ 3,100,000      $ 3,100,000      Job Creation

Sugar Producer

   Field Crops,
Except Cash
Grains		   Brazil   Term Loan   5/15/2017     12.43%      $ 3,000,000      $ 3,000,000      Capacity-
Building

Textile Distributor9

   Apparel, Piece
Goods, and
Notions		   South Africa   Trade
Finance		   8/13/2015     15.00%      $ 2,500,000      $ 1,483,269      Job Creation

Waste Management Equipment Distributor

   Machinery,
Equipment, and
Supplies		   South Africa   Trade
Finance		   5/14/2015     19.50%      $ 500,000      $ 0      Equality &
Empowerment
           

 

 

    

 

 

    

Investment Portfolio Total

  

   $ 76,300,000      $ 57,333,167     
           

 

 

    

 

 

    

Short-Term Investments10

            

Rice Producer

   Cash Grains   Tanzania   Short-Term   5/5/2015     11.50%      $ 3,900,000      $ 3,900,000      N/A

Farm Supplies Importer

   Miscellaneous
Non-Durable
Goods		   South Africa   Short-Term   5/25/2015     13.00%      $ 2,000,000      $ 750,000      N/A

Agricultural Products Exporter11

   Farm-Product
Raw Materials		   Singapore   Short-Term   7/22/2015     12.00%      $ 10,000,000      $ 10,000,000      N/A

Farm Supplies

Wholesaler

   Miscellaneous
Non-Durable
Goods		   South Africa   Short-Term   7/19/2015     12.50%      $ 1,000,000      $ 1,000,000      N/A
           

 

 

    

 

 

    

Short-Term Investment Total

  

   $ 16,900,000      $ 15,650,000     
           

 

 

    

 

 

    

Investment Portfolio and Short-Term Investment Totals

  

   $ 93,200,000      $ 72,983,167     
           

 

 

    

 

 

    

 

1 Given the nature of trade finance contracts, trade finance borrowers typically have a 30 day grace period relative to the maturity date.
2 Interest rates are as of May 31, 2015. Interest rates include contractual rates and accrued fees where applicable.
3 The total loan commitment represents the maximum amount that can be borrowed under the agreement. The actual amount drawn on the loan by the borrower may change over time. Loan commitments are subject to availability of funds and do not represent a contractual obligation to provide funds to a borrower.
4 The total amount outstanding represents the actual amount borrowed under the loan as of May 31, 2015. In some instances where there is a $0 balance, the borrower may have paid back the original amount borrowed under a trade finance facility and under an agreement, may borrow again.
5  The Company and the borrower have mutually agreed to extend the maturity date through June 30, 2015.
6  On May 15 and May 19, 2015, the Company funded two separate transactions totaling $5,000,000 to the Agriculture Distributor as part of an existing $7,000,000 revolving trade finance facility at a fixed interest rate of 9.00%. Both transactions are set to mature on December 15, 2015 and are secured by the assignment of purchase contracts and receivables. The borrower anticipates that the Company’s financing will support economic growth through job creation, increased exports and increased agricultural productivity.
7  The interest rate includes 2.50% of deferred interest.
8  On May 21, 2015, TriLinc funded $720,000 as part of an existing $15,000,000 trade finance facility at an interest rate of 12.50% to the Farm Supplies Distributor engaged in the warehousing and trading of key agricultural commodities including fertilizer, maize, soya beans, ground nuts and seed. The transaction, set to mature on June 5, 2015, is secured by specific inventory. The borrower anticipates that the Company’s financing will support job creation and indirectly help local farmers improve agricultural productivity and food security.
9  On May 11 and May 14, 2015, the Company funded two separate transactions totaling $278,015 as part of an existing $2,500,000 revolving trade finance facility at a fixed interest rate of 15.00% to a South African textile distributor. Set to mature on July 30, 2015 and August 13, 2015, respectively, each transaction is secured by specific inventory being imported into South Africa from Asia. The borrower anticipates that the Company financing will support employment generation.
10 Short-Term Investments are defined as investments that generally meet the standard underwriting guidelines for trade finance and term loan transactions and that also have the following characteristics: (1) maturity of less than one year, (2) loans to borrowers to whom, at the time of funding, the Company does not expect to re-lend. Impact data is not tracked for Short-term Investments.
11 The transaction is secured by specific collateral held by the borrower’s subsidiaries in Kenya, Tanzania, and Zambia.

As of May 31, 2015 the Company had exited the following investments:

 

Description

Sector

 Country Investment
Type		 Transaction
Date		 Transaction
Amount		   Payoff
Date		   Internal
Rate of
Return
(“IRR”)1		   Primary
Impact
Objective		  

Electronics Retailer

   Radio, Television, Consumer Electronics, and Music Stores   Indonesia   Term
Loan		   7/26/2013   $ 5,000,000        6/17/2014        19.59 %     
 		 Access to
Finance		   
  

Fertilizer Distributor

   Agricultural Chemicals   Zambia   Trade
Finance		   7/17/2014   $ 3,000,000        11/4/2014        12.65 %     
 		 Job
Creation		   
  

Food Processor

   Groceries and Related Products   Peru   Term
Loan		   3/25/2014   $ 576,000        11/28/2014        14.01 %     
 		 Job
Creation		   
  

Frozen Seafood Exporter

   Groceries and Related Products   Ecuador   Trade
Finance		   6/17/2013   $ 240,484        5/14/2014        13.49 %     
 		 Job
Creation		   
  

Insulated Wire Manufacturer

   Rolling, Drawing, and Extruding of Nonferrous Metals   Peru   Trade
Finance		   5/2/2014   $ 1,991,000        12/2/2014        8.43 %     
 		 Job
Creation		   
  

International Tuna Exporter

   Groceries and Related Products   Ecuador   Trade
Finance		   7/17/2013   $ 1,000,000        10/9/2013        13.58 %     
 		 Job
Creation		   
  

Seafood Processing Company

   Miscellaneous Food Preparations and Kindred Products   Ecuador   Trade
Finance		   6/19/2013   $ 496,841        7/1/2013        13.44 %     
 		 Job
Creation		   
  

Timber Exporter

   Sawmills and Planing Mills   Chile   Trade
Finance		   7/3/2013   $ 915,000        6/12/2014        10.25 %     
 		 Job
Creation		   
  
         

 

 

        

Portfolio Totals

           $ 13,219,325         
         

 

 

        

 

1  Given that the loan has been paid off, this investment is no longer part of the Company’s portfolio. The internal rate of return is defined as the gross average annual return earned through the life of an investment. The internal rate of return was calculated by our Advisor (unaudited) as the investment (loan advance) was made and cash was received (principal, interest and fees).

Certain Portfolio Characteristics1

 

Total Assets (est.)

    $ 79,547,272   

Current Loan Commitments

    $ 76,300,000   

Leverage

      0%   

Weighted Average Portfolio Loan Size

    $ 3,655,233   

Weighted Average Portfolio Duration

      0.45 years   

Weighted Average Position Yield

      12.4%   

USD Denominated

      100%   

Countries2

      7   

Sectors2

      15   

Top Five Investments by Percentage

 

Company Description

    Country    % of
Total Assets		  

Farm Supplies Distributor

    Zambia      11.9%   

Agriculture Distributor

    Argentina      8.8%   

Cement Distributor

    Kenya      8.8%   

Beef Exporter

    Argentina      7.5%   

Dairy Co-Operative

    Argentina      7.5%   

 

LOGO

 

1  All information provided in this section, with the exception of the Total Asset (est.) figure, pertains exclusively to the Company’s Investment Portfolio and therefore does not include the Company’s Short-Term Investments.
2  This represents all countries/sectors where the Company currently has a loan commitment. Due to the revolving debt nature of trade finance facilities and the timing of funding, it is possible that certain commitments currently have a zero outstanding balance and would therefore not be represented in the country/sector allocation charts, which represents invested capital.
3  The above charts represent investment type, developing economy, and sector diversification as a percentage of the total amount outstanding of the Company’s Investment Portfolio.