Filed Pursuant to Rule 424(b)(3)
Registration No. 333-185676
TRILINC GLOBAL IMPACT FUND, LLC
SUPPLEMENT NO. 14 DATED MARCH 1, 2016
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, Prospectus Supplement No. 6, dated August 12, 2015, Prospectus Supplement No. 7, dated September 9, 2015, Prospectus Supplement No. 8, dated October 14, 2015, Prospectus Supplement No. 9, dated November 17, 2015, Prospectus Supplement No. 10, dated November 23, 2015, Prospectus Supplement No. 11, dated December 9, 2015, Prospectus Supplement No. 12, dated January 22, 2016, and Prospectus Supplement No. 13, dated February 9, 2016 (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 February 29, 2016, we had raised gross proceeds of approximately $177.4 million from the sale of approximately 18.3 million units of our limited liability company interest, including units issued pursuant to our distribution reinvestment plan.
As previously disclosed, our board of managers elected to extend our current offering. The offering is extended to December 31, 2016, with the ability to extend for such later period as permitted under the rules and regulations of the SEC. We reserve the right to terminate this offering at any time.
| B. | Declaration of Distributions |
On February 19, 2016, with the authorization of our board of managers, the Company declared distributions for all classes of units for the period from February 1 through February 29, 2016. These distributions were calculated based on unitholders of record for each day in an amount equal to $0.00197268 per unit per day (less the distribution fee with respect to Class C units). On March 1, 2016, $582,483 of these distributions were paid in cash and on February 29, 2016, $427,352 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 February 29, 2016: |
Investments
Since the Company commenced operations and through February 29, 2016, the Company has funded $237.3 million in in aggregate investments, including $28.0 million in short-term investments. Of the aggregate investment amount, the Company has received $137.2 million in full aggregate transaction repayments from
existing and exited trade finance and term loan facilities. Of the aggregate transaction repayment amount, approximately $56.9 million represents transactions of trade finance and term loan facilities that are closed and no longer part of the Company’s portfolio.
As of February 29, 2016 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 | 9/30/2016 | 9.00 | % | $ | 15,000,000 | $ | 15,000,000 | Job Creation | |||||||||||||
Agricultural Supplies Distributor II5 | Miscellaneous Non-Durable Goods | South Africa | Trade Finance | 5/22/2016 | 10.38 | % | $ | 10,000,000 | $ | 1,711,418 | Job Creation | |||||||||||||
Beef Exporter | Meat Products | Argentina | Trade Finance | 4/30/2016 | 11.98 | % | $ | 9,000,000 | $ | 9,000,000 | Job Creation | |||||||||||||
Chia Seed Exporter | Field Crops, Except Cash Grains | Chile | Trade Finance | 12/11/2016 | 11.50 | % | $ | 2,000,000 | $ | 1,900,000 | Agricultural Productivity | |||||||||||||
Construction Materials Distributor | Hardware, Plumbing, and Heating Equipment | South Africa | Trade Finance | 7/1/2015 | 6 | 12.75 | % | $ | 750,000 | $ | 176,982 | Job Creation | ||||||||||||
Consumer Goods Distributor | Groceries and Related Products | Namibia | Trade Finance | 3/3/2016 | 12.00 | % | $ | 2,000,000 | $ | 1,000,000 | Job Creation | |||||||||||||
Dairy Co-Operative | Dairy Products | Argentina | Trade Finance | 3/31/2016 | 10.90 | % | $ | 6,000,000 | $ | 6,000,000 | Job Creation | |||||||||||||
Diaper Manufacturer7 | Converted Paper and Paperboard Products | Peru | Term Loan | 6/15/2017 | 14.72 | % | $ | 3,250,000 | $ | 3,250,000 | Job Creation | |||||||||||||
Electronics Assembler | Communications Equipment | South Africa | Trade Finance | 4/15/2016 | 13.00 | % | $ | 11,000,000 | $ | 4,704,545 | Job Creation | |||||||||||||
Farm Supplies Distributor8 | Miscellaneous Non-Durable Goods | Zambia | Trade Finance | 5/3/2016 | 12.43 | % | $ | 10,000,000 | $ | 5,078,526 | Job Creation | |||||||||||||
Fish Processor & Exporter | Commercial Fishing | Ecuador | Trade Finance | 6/19/2016 | 9.00 | % | $ | 2,000,000 | $ | 1,806,630 | Job Creation | |||||||||||||
Fruit & Nut Distributor | Groceries and Related Products | South Africa | Trade Finance | 5/22/2015 | 9 | 17.50 | % | $ | 1,250,000 | $ | 667,838 | Job Creation | ||||||||||||
Integrated Steel Producer | 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 | |||||||||||||
IT Service Provider | Computer Programming and Data Processing | Brazil | Term Loan | 10/31/2019 | 13.50 | % | $ | 14,000,000 | $ | 5,353,082 | Job Creation | |||||||||||||
Marine Logistics Provider | Services Incidental to Water Transportation | Nigeria | Term Loan | 9/16/2020 | 15.59 | %10 | $ | 16,050,000 | $ | 12,956,833 | Capacity- Building | |||||||||||||
Meat Processor | Meat Products | South Africa | Trade Finance | 12/15/2015 | 14.50 | % | $ | 2,800,000 | $ | 600,000 | Job Creation | |||||||||||||
Mine Remediation Company | Metal Mining Services | South Africa | Trade Finance | 8/15/2016 | 17.50 | % | $ | 2,500,000 | $ | 2,500,000 | Job Creation | |||||||||||||
Oilseed Distributor | Fats and Oils | Argentina | Trade Finance | 3/1/2016 | 8.89 | % | $ | 5,100,000 | $ | 5,100,000 | Job Creation | |||||||||||||
Rice Importer11 | Farm-Product Raw Materials | Kenya | Trade Finance | 5/15/2016 | 11.62 | % | $ | 1,000,000 | $ | 24,470 | Food Security | |||||||||||||
Rice Producer | Cash Grains | Tanzania | Trade Finance | 10/26/2015 | 12 | 11.50 | % | $ | 3,900,000 | $ | 3,900,000 | Job Creation | ||||||||||||
Sesame Seed Exporter | Farm-Product Raw Materials | Guatemala | Trade Finance | 3/31/2016 | 12.00 | % | $ | 2,000,000 | $ | 1,000,000 | Agricultural Productivity | |||||||||||||
Sugar Producer | Field Crops, Except Cash Grains | Brazil | Term Loan | 5/15/2017 | 17.43 | %13 | $ | 3,000,000 | $ | 3,000,000 | Capacity- Building | |||||||||||||
Textile Distributor | Apparel, Piece Goods, and Notions | South Africa | Trade Finance | 5/28/2016 | 15.00 | % | $ | 2,500,000 | $ | 549,560 | Job Creation | |||||||||||||
Investment Portfolio Total | $ | 131,100,000 | $ | 91,279,884 | ||||||||||||||||||||
Short-Term Investments14 | $ | 0 | $ | 0 | ||||||||||||||||||||
Investment Portfolio and Short-Term Investment Totals | $ | 131,100,000 | $ | 91,279,884 | ||||||||||||||||||||
| 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 February 29, 2016. 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 February 29, 2016. 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 | Between February 1 and February 23, 2016, the Company funded four separate transactions totaling $1,711,419 to the Agricultural Supplies Distributor as part of an existing $10,000,000 trade finance facility at an interest rate of 10.38%. Secured by specific product inventory, all transactions are set to mature between April 24 and May 22, 2016. The borrower anticipates that the Company’s financing will support employment generation. Since the publication of Supplement No. 13, dated February 9, 2016, the Company has changed the borrower’s unique identifier name from “Agricultural Supplies Distributor” to “Agricultural Supplies Distributor II.” |
| 6 | The Company, together with its Sub-Advisor, and the Construction Materials Distributor have mutually agreed to extend the principal maturity date as the borrower continues to make interest payments as agreed. |
| 7 | On February 29, 2016, the Company funded $190,000 as part of an existing $500,000 senior secured purchase order revolving credit facility to the Diaper Manufacturer. With a maturity date of June 28, 2016, the purchase order facility is secured by specific purchase orders from customers of the borrower, as well as pledges of additional unencumbered assets and all shares of the borrower. The interest rate includes 2.50% of deferred interest. |
| 8 | On February 19, 2016, the Company funded $980,000 as part of an existing $10,000,000 trade finance facility at an interest rate of 12.50% to the Farm Supplies Distributor. The transaction, set to mature on May 3, 2016, 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 | The Company, together with its Sub-Advisor, have agreed to extend the principal maturity date to facilitate the strategic sale of the Fruit & Nut Distributor on or before March 31, 2016. |
| 10 | The interest rate is a variable rate of one month Libor +10.5% plus 4.68% in deferred fixed interest. |
| 11 | On February 16, 2016, the Company funded $24,470 to the Rice Importer as part of an existing $1,000,000 revolving senior secured trade finance facility. With an interest rate of three month Libor + 11.00% and maturity date of May 15, 2016, this transaction is secured by receivables as well as inventory. |
| 12 | The Company, together with its Sub-Advisor, and the Rice Producer have mutually agreed to extend the principal maturity date as the borrower continues to make interest payments as agreed. |
| 13 | The interest rate includes 5.00% of penalty interest because the borrower has missed making required 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. An initial plan was presented and published on January 19, 2016 and has been reviewed with the Company. Further steps, discussions and negotiations are ongoing in line with this plan and the judicial process. |
| 14 | 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. |
As of February 29, 2016 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 Distributor I1 | Miscellaneous Non-Durable Goods | South Africa | Trade Finance | 10/15/2014 | $ | 8,196,189 | 8/14/2015 | 13.02 | % | Job Creation | ||||||||||||||
Candle Distributor | Miscellaneous Manufacturing Industries | South Africa | Trade Finance | 9/1/2014 | $ | 1,400,000 | 9/16/2015 | 14.27 | % | Job Creation | ||||||||||||||
Cement Distributor | Cement, Hydraulic | Kenya | Trade Finance | 9/23/2014 | $ | 12,000,000 | 10/15/2015 | 15.29 | % | 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 | ||||||||||||||
Farm Supplies Wholesaler | Miscellaneous Non-Durable Goods | South Africa | Trade Finance | 5/25/2015 | $ | 2,250,000 | 1/19/2016 | 13.14 | % | Agricultural Productivity | ||||||||||||||
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 | ||||||||||||||
Industrial Materials Distributor | Mineral and Ores | South Africa | Trade Finance | 11/20/2014 | $ | 4,030,000 | 12/15/2015 | 13.64 | % | 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 | $ | 42,406,266 | ||||||||||||||||||||||
Investment Portfolio—Weighted Average IRR |
| 14.33% | ||||||||||||||||||||||
Short-Term Investments2 | ||||||||||||||||||||||||
Agricultural Products Exporter | Farm-Product Raw Materials | Singapore | Short- Term | 4/23/2015 | $ | 10,000,000 | 2/29/2014 | 11.85 | % | N/A | ||||||||||||||
Financial Services Provider | Miscellaneous Business Credit Institutions | Mauritius | Short- Term | 9/23/2014 | $ | 3,000,000 | 11/17/2014 | 15.94 | % | N/A | ||||||||||||||
Meat Producer | Meat Products | South Africa | Short- Term | 11/27/2015 | $ | 1,500,000 | 2/3/2016 | 14.83 | % | N/A | ||||||||||||||
Short-Term Investments Total | $ | 14,500,000 | ||||||||||||||||||||||
Short-Term Investments—Weighted Average IRR |
| 13.00% | ||||||||||||||||||||||
Investment Portfolio and Short-Term Investments Totals |
| $ | 56,906,266 | |||||||||||||||||||||
Investment Portfolio and Short-Term Investments—Weighted Average IRR |
| 13.99 | % | |||||||||||||||||||||
| 1 | Since the publication of Supplement No. 13, dated February 9, 2016, the Company has changed the borrower’s unique identifier name from “Agricultural Supplies Producer” to “Agricultural Supplies Distributor I” and changed the borrower’s sector from “Agricultural Chemicals” to “Miscellaneous Non-Durable Goods.” |
| 2 | 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.) | $ | 158,400,000 | ||
Current Loan Commitments | $ | 131,100,000 | ||
Leverage | 0 | % | ||
Weighted Average Portfolio Loan Size | $ | 4,361,854 | ||
Weighted Average Portfolio Duration | 0.68 years | |||
Weighted Average Position Yield | 12.36 | % | ||
Average Collateral Coverage Ratio | 1.52x | |||
USD Denominated | 100 | % | ||
Senior Secured First-Lien | 100 | % | ||
Countries2 | 12 | |||
Sectors2 | 17 |
Top Five Investments by Percentage
| Company Description | Country | % of Total Assets | ||||
Agriculture Distributor | Argentina | 9.5 | % | |||
Marine Logistics Provider | Nigeria | 8.2 | % | |||
Beef Exporter | Argentina | 5.7 | % | |||
Dairy Co-Operative | Argentina | 3.8 | % | |||
Integrated Steel Producer | Zambia | 3.8 | % | |||
| 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. |