424B3 1 d684353d424b3.htm 424(B)(3) 424(b)(3)

Filed Pursuant to Rule 424(b)(3)

Registration No. 333-185676

TRILINC GLOBAL IMPACT FUND, LLC

SUPPLEMENT NO. 13 DATED MARCH 3, 2014

TO THE PROSPECTUS DATED FEBRUARY 25, 2013

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 February 25, 2013, as supplemented by Prospectus Supplement No. 9 dated November 18, 2013, Supplement No. 10 dated December 23, 2013 and Supplement No. 11 dated February 4, 2014 (the “Prospectus”). This Supplement supersedes Supplement No. 12 dated February 25, 2014.

The purposes of this Supplement are as follows:

 

A. To provide an update on the status of our current public offering;
B. To provide information regarding distributions declared;
C. To update disclosures in the section of the Prospectus titled “Suitability Standards;”
D. To update disclosures in the section of the Prospectus titled “Business;”
E. To update disclosures in the section of the Prospectus titled “ERISA Considerations;” and
F. To update the form of our subscription agreement in Appendix B to the Prospectus.

 

A. Status of Our Public Offering and Net Asset Value

On June 11, 2013, our Sponsor purchased $2.4 million in Class A units and on June 13, 2013, our Sponsor purchased an additional $500,000 in Class A units. Certain investors in the Sponsor, including Baldwin Brothers, Inc. and Chilton Capital Management LLC, provided funds for this investment. Therefore, as of June 11, 2013, we had raised sufficient offering proceeds to satisfy the minimum offering requirements for our initial public offering with respect to all states other than the state of Pennsylvania. Accordingly, the offering proceeds received were released from escrow on June 11, 2013 and we commenced operations.

As of February 27, 2014, we had raised gross proceeds of approximately $20.0 million from the sale of approximately 2.2 million units of our limited liability company interest, including units issued pursuant to our distribution reinvestment plan.

Based on the Company’s estimated net asset value of $13,365,263 for the quarter ended December 31, 2013, our board of managers has determined that no change to the offering price of our units is required and we are continuing to sell our units at their original price of $10.00 per Class A unit, $9.576 per Class C unit and $9.186 per Class I unit. Our estimated net asset value was determined in accordance with the procedures set forth in the Prospectus. Our net asset value and the offering prices would have decreased if the Sponsor had not made a capital contribution in the amount of $ 20,043 in the quarter ended December 31, 2013 or had not absorbed and deferred reimbursement for a substantial portion of our operating expenses since we began our operations.

 

B. Declaration of Distributions

On February 24, 2014, with the authorization of our board of managers, we declared distributions for all classes of units for the period from February 1 through February 28, 2014. These distributions will be calculated based on unitholders of record for each day in an amount equal to $0.00173082 per unit on each outstanding Class A, Class C and Class I unit per day (less the distribution fee with respect to Class C units). The distributions for each unit class equate to an annualized rate of 6.317%, 6.597% and 6.877% respectively. On or before March 4, 2014, these distributions will be paid in cash or reinvested in our units, for those investors participating in our unit reinvestment plan. Some or all of these distributions may be paid from sources other than cash flow from operations, such as cash resulting from a waiver or deferral of fees, and/or proceeds from this offering.


C. Update to the Section Titled “Suitability Standards”

The following disclosure replaces in its entirety the California suitability standards paragraph in the “Suitability Standards” section on page 2 of the Prospectus:

California: In addition to the minimum suitability standards described above, a California investor must have either: (i) a minimum net worth of $350,000 (exclusive of home, auto and furnishings); or (ii) a minimum annual gross income of $85,000 and a net worth of $150,000 (exclusive of home, auto and furnishings). In addition, a California investor’s maximum investment in us may not exceed 10% of such investor’s net worth.”

 

D. Update to the Section Titled “Business”

The following disclosure supplements the “Business” section of the Prospectus to provide an informational overview with respect to one of the Company’s recent investments, as of December 31, 2013, and supersedes the disclosure contained in Section E.2 of Supplement No. 11, dated February 4, 2014:

Diaper Manufacturer

Investment Overview

 

         Security Type    Term Loan
         Structure    Three year term loan due July 15, 2016
         Total Loan Commitments    $500,000
         Total Outstanding Amount    $500,000
         Interest Rate    13.1%
         Sector    Personal Products
         Collateral Coverage Ratio1    1.25x
         Primary Impact Objectives    Job Creation, Health Improvement, Increased Revenues, Increased Profitability

 

  1  The collateral coverage ratio is the amount of collateral the borrower must maintain in relation to the loan amount.

Borrower Background

According to the IMF 2013 Report, the Peruvian economy has experienced steady growth for the past decade, posting an average 6.4% annual GDP since 2002. Emerging from this expansion, and inhabiting the outskirts of major cities, is a budding middle class with growing discretionary income. In 2009, a former executive of a large personal hygiene products manufacturer took note of this socioeconomic trend and created a forward-looking company that would be the first to offer affordable hygiene products to the burgeoning lower and middle-income populations of Peru.

Over the past four years, the company has steadily grown and in 2013 it decided to seek financing through one of our sub-advisors. With a term loan from us, the company plans to increase its existing disposable baby diaper production, as well as add adult diapers to its product line. Through the expansion of the company’s products and distribution channels, the company anticipates it will hire more employees, as well as indirectly support job creation in local third party distributors. Furthermore, the company pays wages that are on average 45% above the national average, which may contribute to lower turnover and an increase in employees’ standard of living. Importantly, the borrower is committed to minimizing the negative effects of its product on the environment and actively engages in waste reduction programs and efficient operations initiatives.

By providing access to disposable diapers at an affordable price point, the company helps its customers maintain good hygiene in their households, many of which do not have laundry facilities or hot water for

 

S-2


sterilization and cannot afford laundry services to disinfect multi-use cloth diapers. The use of disposable diapers may give lower to lower-middle income women more time to dedicate themselves to income-generating opportunities and family care, while helping to reduce potential risks to their families’ health.

 

E. Update to the Section Titled “ERISA Considerations”

The first sentence of the sixth paragraph under the subsection titled “ERISA Considerations for an Initial Investment” beginning on page 145 of the Prospectus is deleted in its entirety and replaced with the following:

“These regulations define a publicly-offered security as a security that is “widely held,” “freely transferable,” and either part of a class of securities registered under Section 12(b) or 12(g) of the Exchange Act, or sold pursuant to an effective registration statement under the Securities Act, provided the securities are registered under the Exchange Act within 120 days (or such later time as may be allowed by the SEC) after the end of the fiscal year of the issuer during which the offering occurred.”

 

F. Updates to the Form of Subscription Agreement in Appendix B of the Prospectus

The subscription agreement beginning on page B-1 of the Prospectus is hereby deleted in its entirety and replaced with the following:

 

S-3


LOGO


LOGO


LOGO


LOGO


LOGO


LOGO


LOGO


LOGO


LOGO


LOGO


LOGO


LOGO


LOGO


LOGO


LOGO


LOGO


LOGO


LOGO


LOGO


LOGO


LOGO


LOGO


LOGO