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SEQI Sequoia Economic Infrastructure Income Fund Limited

81.10
-0.10 (-0.12%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Sequoia Economic Infrastructure Income Fund Limited LSE:SEQI London Ordinary Share GG00BV54HY67 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.10 -0.12% 81.10 80.80 81.10 81.50 80.80 81.30 2,359,314 16:35:17
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Trust,ex Ed,religious,charty 11.08M -17.95M -0.0107 -75.51 1.36B

Sequoia Economic Infra Inc Fd Ld Net Asset Value(s) (1706U)

16/01/2017 7:00am

UK Regulatory


Sequoia Economic Infrast... (LSE:SEQI)
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TIDMSEQI

RNS Number : 1706U

Sequoia Economic Infra Inc Fd Ld

16 January 2017

16 January 2017

Sequoia Economic Infrastructure Income Fund Limited

Net Asset Value as at 30 December 2016 and Investment Update

Ordinary Share update

As of the 30th December 2016, the Company held 26 private debt investments and 14 infrastructure bonds for a total of 40 investments across 8 sectors and 21 subsectors, which are collectively valued at GBP475.0m including accrued interest, with an annualised yield-to-maturity (or yield-to-worst in the case of callable bonds) of 8.0% and a weighted average life across the acquired portfolio of approximately 4.7 years. The Ordinary Share NAV is 102.48p.

Approximately 44% of the portfolio comprises floating rate assets, with only two LIBOR floors above current LIBOR levels (of which one is Sterling and the other is Euros). As such, the portfolio's yield is likely to rise over time as LIBOR increases.

The investments are across the UK, Western Europe, Australia, Canada and the US and include a wide range of asset types including road, rail, utility, power, shipping, renewables and aircraft and ship leasing.

In the beginning of December, the Company remained fully invested until the 9th December 2016 when the additional 120m Ordinary Shares were issued, raising gross proceeds of GBP126m.

In the second half of December, the Company's investment activities include:

   --       An investment in Talen Energy Supply's bonds maturing in 2025; 
   --       VanGansewinkel Groep, a Dutch waste management company loan; and 

-- The final drawdowns of Abteen Ventures LLC which now represents the portfolio's third largest position valued at 28.4m.

In addition, two of the Company's investments prepaid in the second half of December: Mount Signal Solar and Infinis Bridge Loan. Both of these prepayments were in line with the Investment Adviser's expectations.

As of the 30th of December, the Company's leverage is modest at 6.6% of NAV, and the Company remains confident in its ability to deploy the proceeds of the equity raise into its attractive pipeline of opportunities.

Sterling fell slightly against both the Dollar and the Euro during the month of December; however the Investment Adviser remains committed to reducing NAV volatility arising from FX movements by maintaining its hedging strategy. As of the 30th December 2016, approximately 78% of NAV was either Sterling assets or hedged into Sterling, which is a slight decrease from 82% one month prior.

The Company has more than adequate resources to cover the cash costs associated with its hedging book. Each of its FX hedge providers has credit lines to the Company which means that the margin calls on the hedge portfolio have been modest.

The increase in the Ordinary Share NAV to 102.48p per share arose primarily through:

   --       Interest income net of expenses of 0.37p; 
   --       An increase of 0.22p in asset valuations; 
   --       An increase of 0.06p in FX movements; and 

-- A gain of approximately 0.4p caused by the difference between placing price (net of costs and expenses) and the NAV at the time of the recent placing of new Ordinary Shares in the Company.

Ordinary Portfolio Summary (15 largest settled investments)

 
 Transaction          Currency        Type    Ranking      Value          Sector        Sub-sector       Yield 
  name                                                   GBPm(1)                                            to 
                                                                                                      maturity 
                                                                                                       / worst 
                                                                                                           (%) 
 
 A'lienor 
  S.A.S. (A65)           EUR       Private     Senior       37.3       Transport              Road        3.39 
 IO Data Centers                                                                              Data 
  LLC                    USD      Private      Senior       30.4             TMT           Centers        9.00 
 AP Wireless 
  Infrastructure         GBP      Private      Senior       30.0             TMT            Towers        6.39 
                                                                                              Data 
 Abteen Ventures         USD       Private     Senior       28.4             TMT           Centers        8.00 
 Regard Group                                                                               Health 
  Mezzanine              GBP       Private       Mezz       22.9   Accommodation              Care       12.12 
 Natgasoline                                                                            Industrial 
  Senior Unsecured       USD       Private       Mezz       20.3           Other    Infrastructure        9.78 
 Exeltium 
  Mezzanine              EUR       Private       Mezz       19.0           Power               PPA        9.14 
 Danaos Snr                                                            Transport 
  Secured 2018           USD       Private     Senior       17.8          assets          Shipping       16.78 
                                                                                             Solar 
 Neoen Production        EUR       Private     HoldCo       16.1      Renewables            & Wind        6.99 
 Longview 
  Power TL                                                                             Electricity 
  B                      USD      Private      Senior       13.8           Power        Generation       10.59 
 GFL 9.875% 
  2021                   USD      Public       Senior       13.4         Utility             Waste        4.79 
 VanGansewinkel 
  Groep                  EUR       Private     Senior       12.8         Utility             Waste        8.58 
 Talen Energy 
  Supply 4.6%                                                                          Electricity 
  2021                   USD        Public     Senior       12.5           Power        Generation       10.31 
 Green Plains                                                                          Alternative 
  TL B                   USD       Private     Senior       11.5           Other              Fuel        6.62 
 Heathrow 
  5.75% 2025             GBP        Public     Senior       11.4       Transport           Airport        2.47 
 

Note (1) - excluding accrued interest

Market Summary

December was an active month in the infrastructure debt sector in terms of both the size and number of deals that reached financial close.

According to Infrastructure Journal, 25 transactions reached financial close throughout Europe and North America in December totalling nearly $6bn in debt financing.

One notable deal was 100% debt financing of the 1.5GW Lackawanna CCGT Power Plant in Pennsylvania which totalled roughly $1bn. A 370MW offshore wind farm in Belgium also received financing of EUR1.2bn, of which 70% is debt.

In December, oil prices surged to their highest levels since July 2015 at roughly $57 a barrel, directly resulting from a Russian-led oil producer coalition.

December news flow also covered the US Federal Reserve's decision to raise short-term interest rates in response to the strengthening US economy.

In Europe, Mario Draghi at the ECB confirmed that the QE program will be extended by nine months which was followed by clear upward movements in sovereign bond yields.

During December, Sterling fell slightly against both the Dollar and Euro, ending the month at $1.23 and EUR1.17 respectively. The Bloomberg USD High Yield Corporate Bond Index rose to 169.

The Company's monthly investor report and additional portfolio disclosure will be made available at http://www.seqifund.com/.

Sequoia Investment Management Company

Randall Sandstrom / Steve Cook Telephone 020 7079 0483 / 020 7079 0481

Stifel Nicolaus Europe Limited

   Neil Winward / Mark Bloomfield / Gaudi Le Roux              Telephone 020 7710 7600 

International Fund Management Limited

Chris Hickling Telephone 01481 737600

About Sequoia Economic Infrastructure Income Fund Limited

The Company is a Guernsey registered closed-ended investment company that seeks to provide investors with regular, sustained, long-term distributions and capital appreciation from a diversified portfolio of senior and subordinated economic infrastructure debt investments. The Company is advised by Sequoia Investment Management Company Limited. The Company has been advised that the Shares can be considered as "excluded securities" for the purposes of the FCA rules regarding the definition and promotion of Non-Mainstream Pooled Investments (NMPIs).

This information is provided by RNS

The company news service from the London Stock Exchange

END

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(END) Dow Jones Newswires

January 16, 2017 02:00 ET (07:00 GMT)

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