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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) (0320L)

14/07/2017 7:00am

UK Regulatory


Sequoia Economic Infrast... (LSE:SEQI)
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From Mar 2019 to Mar 2024

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TIDMSEQI

RNS Number : 0320L

Sequoia Economic Infra Inc Fd Ld

14 July 2017

14 July 2017

Sequoia Economic Infrastructure Income Fund Limited

Net Asset Value as at 30 June 2017 and Investment Update

Ordinary Share update

SEQI's NAV increased to 101.34p per share from 101.22p per share on 31st May 2017 which arose primarily through:

   --      Interest income net of expenses of 0.42p; 
   --      A decrease of 0.04p in asset valuations; 
   --      A decrease of 0.25p from FX movements; 

During June, the Company had invested or committed to invest a total of GBP72.1m which resulted in the total invested portfolio representing approximately 77.9% of the Company's NAV as of the 30th June 2017. At month-end, the Company had gross leverage of GBP40m which has been drawn and partially deployed, and represents approximately 5.3% of NAV.

The portfolio held 29 private debt investments and 17 infrastructure bonds for a total of 46 investments that covered 8 sectors and 24 subsectors, and are collectively valued at GBP567.2m including accrued interest with an annualised yield-to-maturity (or yield-to-worst in the case of callable bonds) of 7.7% and a weighted average life across the acquired portfolio of approximately 4.8 years.

The weighted average purchase price of the Company's acquired investments was approximately 96.5% of par, and of those, only 14% had some form of construction risk.

During June, Sterling fell slightly against the Euro but rose sharply against the Dollar, ending the month at EUR1.1398 and $1.3025 respectively, and the Bloomberg USD High Yield Corporate Bond Index fell slightly to 178.4. As of the 30th June 2017, approximately 88% of NAV consisted of either Sterling assets or was hedged into Sterling.

The Company has adequate resources to cover the cash costs associated with its hedging activities. 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.

Approximately 44% of the invested portfolio comprises floating rate assets, with only two LIBOR floors above current LIBOR levels (EUR). As such, the portfolio's yield is likely to rise over time as LIBOR increases. The Company expects the floating rate proportion to exceed 50% once the proceeds of the recent equity issue are deployed.

The Company's investment activities during June include:

   --      First drawdown of GBP8.3m for the construction of a student housing development in Glasgow; 

-- The primary participations in the Apollo Aviation 2017-1 C notes and the Heathrow 3.875% 2027 bonds, whose par values amount to $7.5m and GBP10m respectively;

   --      Incremental investments in the following assets: 

o $3.6m of Apollo Aviation 2016-2 C notes;

o $12.5m of IO Data Centers loan;

o $5m of Global Ship Lease 10% 2019 bonds;

o $7m of Talen Energy's 6.5% 2025 bonds;

Lastly, the GBP30mm FC Beamish Bidco deal prepaid in June which was in-line with the Company's expectations.

Ordinary Portfolio Summary (15 largest settled investments)

 
 Transaction           Currency        Type    Ranking      Value          Sector        Sub-sector       Yield 
  name                                                    GBPm(1)                                            to 
                                                                                                       maturity 
                                                                                                        / worst 
                                                                                                            (%) 
 
 IO Data Centers                                                                               Data 
  LLC                     USD       Private     Senior       38.4             TMT           Centers        9.00 
 A'lienor 
  S.A.S. (A65)            EUR       Private     Senior       38.0       Transport              Road        3.29 
 AP Wireless 
  Infrastructure          GBP      Private      Senior       33.0             TMT            Towers        6.31 
                                                                                              Waste 
 Cory Environmental       GBP      Private      HoldCo       32.7       Utilities         to Energy        8.50 
 Abteen Ventures                                                                               Data 
  LLC                     USD       Private     Senior       26.9             TMT           Centers        8.00 
 Regard Group                                                                                Health 
  Mezzanine               GBP       Private       Mezz       23.6   Accommodation              Care       12.06 
 Exeltium 
  Mezzanine               EUR       Private       Mezz       20.5           Power               PPA       12.39 
 Natgasoline                                                                             Industrial 
  Senior Unsecured        USD       Private       Mezz       20.2           Other    Infrastructure       10.00 
 Welcome Break                                                                             Motorway 
  No.1 Ltd                GBP       Private       Mezz       18.3       Transport          Services        8.33 
 NGG Finance                                                                            Electricity 
  5.625% 2073             GBP        Public       Mezz       17.0       Utilities      Distribution        3.63 
                                                                                              Solar 
 Neoen Production         EUR       Private     HoldCo       16.6      Renewables            & Wind        7.00 
 Cheniere 
  Corp Christi 
  7% 2024                 USD        Public     Senior       12.8       Transport             Ports        4.93 
 NRG Energy 
  Inc 7.25%                                                                             Electricity 
  2026                    USD        Public     Senior       12.7           Power        Generation        6.58 
 GFL 9.875% 
  2021                    USD        Public     Senior       12.5         Utility             Waste        3.45 
 Green Plains                                                                           Alternative 
  TL B                    USD       Private     Senior       12.3           Other              Fuel        6.60 
 

Note (1) - excluding accrued interest

Market Summary

A total of 17 project finance transactions closed in June throughout the Company's eligible jurisdictions, and worth, in aggregate, $4.05bn. Notable transactions include the South Western Rolling Stock project to purchase trains for South Western in the UK, which received GBP1,015m of financing of which GBP895m was debt, and the 365MW Vortex UK Solar PV Portfolio Refinancing, which received GBP355m in debt funding.

Eurozone growth was strong in June, with unemployment throughout the region at an eight year low and factory activity at a six year high. While inflation was still below the 2 per cent target, Mario Draghi signalled that the ECB may begin to tighten its economic policy.

The Federal Reserve raised rates in the middle of the month and signalled that they may increase rates once more during 2017. The unexpected outcome of the General Election led to more uncertainty about the direction the British economy will take.

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

July 14, 2017 02:00 ET (06:00 GMT)

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