Filed Pursuant to Rule 424(b)(3)
Registration No. 333-185676
TRILINC GLOBAL IMPACT FUND, LLC
SUPPLEMENT NO. 7 DATED SEPTEMBER 9, 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, Prospectus Supplement No. 2, dated May 15, 2015, Prospectus Supplement No. 3, dated June 5, 2015, Prospectus Supplement No. 4, dated July 10, 2015, Prospectus Supplement No. 5, dated July 30, 2015, and Prospectus Supplement No. 6, dated August 12, 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 September 4, 2015, we had raised gross proceeds of approximately $111.2 million from the sale of approximately 11.6 million units of our limited liability company interest, including units issued pursuant to our distribution reinvestment plan.
| B. | Declaration of Distributions |
On August 7, 2015, with the authorization of our board of managers, the Company declared distributions for all classes of units for the period from August 1 through August 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 September 1, 2015, $426,556 of these distributions were paid in cash and on August 31, 2015, $250,001 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 August 31, 2015: |
Investments
Since the Company commenced operations and through August 31, 2015, the Company has funded in excess of $174.0 million in in aggregate investments, including $26.5 million in short-term investments. Of the aggregate investment amount, the Company has received $80.8 million in full aggregate transaction repayments from existing and exited trade finance and term loan facilities. Of the aggregate transaction repayment amount, approximately $25.7 million represents transactions of trade finance and term loan facilities that are closed and no longer part of the Company’s portfolio.
As of August 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 | ||||||||||||||
Agriculture Distributor | Farm-Product Raw Materials | Argentina | Trade Finance | 12/15/2015 | 9.00 | % | $ | 7,000,000 | $ | 6,000,000 | Job Creation | |||||||||||
Beef Exporter | Meat Products | Argentina | Trade Finance | 12/15/2015 | 11.98 | % | $ | 7,000,000 | $ | 6,000,000 | Job Creation | |||||||||||
Candle Distributor | Miscellaneous Manufacturing Industries | South Africa | Trade Finance | 8/30/2015 | 12.88 | % | $ | 1,400,000 | $ | 1,022,812 | Job Creation | |||||||||||
Cement Distributor | Cement, Hydraulic | Kenya | Trade Finance | 9/30/2015 | 14.75 | % | $ | 7,000,000 | $ | 5,000,000 | Job Creation | |||||||||||
Construction Materials Distributor | Hardware, Plumbing, and Heating Equipment | South Africa | Trade Finance | 7/1/2015 | 12.75 | % | $ | 750,000 | $ | 277,538 | Job Creation | |||||||||||
Consumer Goods Distributor | Groceries and Related Products | Namibia | Trade Finance | 11/13/2015 | 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 Manufacturer | Converted Paper and Paperboard Products | Peru | Term Loan | 6/15/2017 | 15.57 | %5 | $ | 2,750,000 | $ | 2,750,000 | Job Creation | |||||||||||
Farm Supplies Distributor | Miscellaneous Non-Durable Goods | Zambia | Trade Finance | 10/25/2015 | 12.22 | % | $ | 10,000,000 | $ | 9,500,000 | Job Creation | |||||||||||
Farm Supplies Wholesaler6 | Miscellaneous Non-Durable Goods | South Africa | Trade Finance | 12/3/2015 | 12.50 | % | $ | 1,500,000 | $ | 1,250,000 | Agricultural Productivity & Food Security | |||||||||||
Fruit & Nut Distributor | Groceries and Related Products | South Africa | Trade Finance | 5/22/2015 | 17.50 | % | $ | 1,250,000 | $ | 731,049 | Job Creation | |||||||||||
Fish Processor & Exporter7 | Commercial Fishing | Ecuador | Trade Finance | 6/19/2016 | 9.00 | % | $ | 2,000,000 | $ | 1,972,952 | Job Creation | |||||||||||
Integrated Steel Producer8 | Steel Works, Blast Furnaces, And Rolling And Finishing Mills | Zambia | Trade Finance | 2/14/2016 | 13.00 | % | $ | 6,000,000 | $ | 6,000,000 | Job Creation | |||||||||||
Marine Logistics Provider | Services Incidental to Water Transportation | Nigeria | Term Loan | 8/31/2020 | 15.82 | %9 | $ | 16,050,000 | $ | 12,600,000 | Capacity- Building | |||||||||||
Meat Processor | Meat Products | South Africa | Trade Finance | 1/28/2016 | 14.50 | % | $ | 2,800,000 | $ | 1,574,917 | Job Creation | |||||||||||
Mine Remediation Company | Metal Mining Services | South Africa | Trade Finance | 2/2/2016 | 17.50 | % | $ | 3,250,000 | $ | 2,418,284 | Job Creation | |||||||||||
Mobile Phone Assembler10 | Communications Equipment | South Africa | Trade Finance | 12/24/2015 | 13.00 | % | $ | 4,500,000 | $ | 2,289,262 | 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 | 17.43 | %11 | $ | 3,000,000 | $ | 3,000,000 | Capacity- Building | |||||||||||
Textile Distributor12 | Apparel, Piece Goods, and Notions | South Africa | Trade Finance | 11/18/2015 | 15.00 | % | $ | 2,500,000 | $ | 1,278,510 | Job Creation | |||||||||||
Investment Portfolio Total | $ | 89,850,000 | $ | 74,765,324 | ||||||||||||||||||
Short-Term Investments13 | ||||||||||||||||||||||
Agricultural Products Exporter14 | Farm-Product Raw Materials | Singapore | Short-Term | 8/22/2015 | 11.50 | % | $ | 10,000,000 | $ | 10,000,000 | N/A | |||||||||||
Farm Supplies Importer | Miscellaneous Non-Durable Goods | South Africa | Short-Term | 10/29/2015 | 13.00 | % | $ | 2,000,000 | $ | 840,000 | N/A | |||||||||||
Rice Producer | Cash Grains | Tanzania | Short-Term | 8/3/2015 | 11.50 | % | $ | 3,900,000 | $ | 3,900,000 | N/A | |||||||||||
Short-Term Investment Total | $ | 15,900,000 | $ | 14,740,000 | ||||||||||||||||||
Investment Portfolio and Short-Term Investment Totals | $ | 105,750,000 | $ | 89,505,324 | ||||||||||||||||||
| 1 | The Company’s trade finance borrowers may be granted flexibility with respect to repayment relative to the stated maturity date to accommodate specific contracts and/or business cycle characteristics. This flexibility in each case is agreed upon between the Company and the sub-advisor and between the sub-advisor and the borrower. |
| 2 | Interest rates are as of August 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 August 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 interest rate includes 2.50% of deferred interest. |
| 6 | On August 5 and August 28, 2015, the Company funded two separate transactions totaling $1,250,000 as part of a $1,500,000 revolving senior secured trade finance facility at a fixed interest rate of 12.50% to the Farm Supplies Wholesaler. With maturity dates of December 3, 2015 and October 17, 2015, respectively, these transactions are secured by specific inventory being imported into South Africa. The borrower anticipates that the Company financing will support improvements in the country’s agricultural productivity and food security. |
| 7 | On August 27 and August 28, 2015, the Company funded two separate transactions totaling $2,000,000 as part of a new $2,000,000 revolving senior secured trade finance facility at a fixed interest rate of 9.00% to the Fish Processor and Exporter. With a maturity date of June 19, 2016, both transactions are secured by specific receivables and inventory destined for export. The borrower anticipates that the Company’s financing will support employment generation and increases in employee wages. |
| 8 | On August 17, 2015, the Company funded $6,000,000 as part of a new $6,000,000 revolving senior secured trade finance facility at a fixed interest rate of 13.00% to the Integrated Steel Producer. The transaction, set to mature on February 14, 2016, is secured by specific inventory, receivables and real estate. The borrower anticipates that the Company’s financing will support job creation and equality and empowerment in the workplace. |
| 9 | The interest rate is a variable rate of one month Libor +10.5% plus 5.13% in deferred fixed interest. |
| 10 | Between August 6 and August 27, 2015, the Company funded nine transactions totaling $2,289,262 as part of a new $4,500,000 revolving senior secured trade finance facility at fixed interest rate of 13.00% to the Mobile Phone Assembler. All transactions are set to mature between November 28 and December 24, 2015 and are secured by specific inventory being imported into South Africa from Asia and receivables. The borrower anticipates that the Company’s financing will support employment generation. |
| 11 | The interest rate includes 5.00% of penalty interest because the borrower has missed three interest payments. On August 27, 2015, the Company was informed that the borrower had filed for judicial recuperation with the local court in Brazil. The filing allows the borrower time to present a comprehensive plan of restructure to the Company. |
| 12 | Between August 14 and August 20, 2015, the Company funded three separate transactions totaling $244,707 as part of an existing $2,500,000 revolving senior secured trade finance facility at a fixed interest rate of 15.00% to the Textile Distributor. All transactions are set to mature between November 3, 2015 and November 18, 2015 and are secured by specific inventory being imported into South Africa from Asia. The borrower anticipates that the Company’s financing will support employment generation. |
| 13 | 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. |
| 14 | The transaction is secured by specific collateral held by the borrower’s subsidiaries in Kenya, Tanzania, and Zambia. |
As of August 31, 2015 the Company had exited the following investments:
Investment Portfolio
| Description | Sector | Country | Investment Type | Transaction Date | Transaction Amount | Payoff Date | Internal Rate of Return (“IRR”)1 | Primary Impact Objective | ||||||||||||
Agricultural Supplies Producer | Agricultural Chemicals | South Africa | Trade Finance | 10/15/2014 | $ | 8,196,189 | 8/14/2015 | 13.02 | % | Job Creation | ||||||||||
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 | ||||||||||
Rice & Bean Importer | Groceries and Related Products | South Africa | Trade Finance | 7/7/2014 | $ | 1,000,000 | 8/5/2015 | 12.97 | % | 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 | ||||||||||
Waste Management Equipment Distributor | Machinery, Equipment, and Supplies | South Africa | Trade Finance | 2/13/2015 | $ | 310,752 | 5/15/2015 | 20.19 | % | Equality & Empowerment | ||||||||||
Investment Portfolio Totals | $ | 22,726,266 | ||||||||||||||||||
Short-Term Investments1 | ||||||||||||||||||||
Financial Services Provider | Miscellaneous Business Credit Institutions | Mauritius | Short-Term | 9/23/2014 | $ | 3,000,000 | 11/17/2014 | 15.94 | % | N/A | ||||||||||
Short-Term Investment Total | $ | 3,000,000 | ||||||||||||||||||
Investment Portfolio and Short-Term Investment Totals | $ | 25,726,266 | ||||||||||||||||||
| 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.) | $98,600,000 | |||
Current Loan Commitments | $ | 89,850,000 | ||
Leverage | 0 | % | ||
Weighted Average Portfolio Loan Size | $ | 5,055,145 | ||
Weighted Average Portfolio Duration | 0.73 years | |||
Weighted Average Position Yield | 13.1 | % | ||
USD Denominated | 100 | % | ||
Countries2 | 9 | |||
Sectors2 | 17 | |||
Top Five Investments by Percentage
Company Description | Country | % of Total Assets | ||||
Marine Logistics Provider | Nigeria | 12.8 | % | |||
Farm Supplies Distributor | Zambia | 9.6 | % | |||
Integrated Steel Producer | Zambia | 6.1 | % | |||
Agriculture Distributor | Argentina | 6.1 | % | |||
Beef Exporter | Argentina | 6.1 | % | |||
 |
| 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. |