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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.60 | 0.74% | 82.10 | 81.90 | 82.00 | 82.10 | 81.40 | 81.40 | 1,538,063 | 16:35:23 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Trust,ex Ed,religious,charty | 11.08M | -17.95M | -0.0107 | -76.64 | 1.38B |
TIDMSEQI
RNS Number : 0172S
Sequoia Economic Infra Inc Fd Ld
12 March 2021
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES
12 March 2021
Sequoia Economic Infrastructure Income Fund Limited
("SEQI" or the "Company")
NAV update
The NAV for SEQI, the specialist investor in economic infrastructure debt, increased to 102.04 pence per share from the prior month's NAV of 101.23 pence per share representing an increase of 0.81 pence per share.
A full attribution of the changes in the NAV per share is as follows:
pence per share --------------------------------- --------- January NAV 101.23 Interest income, net of expenses 0.57 FX movements, net of hedges -0.13 Increase in asset valuations 0.37 February NAV 102.04 ================================= =========
Portfolio update
Spreads tightening, driven by credit improvements, was evident across various sectors in the portfolio which resulted in uplifts to valuations of the assets where Covid-19 has impacted performance and are still closely monitored by the Investment Manager.
As at 26 February 2021, the Company had cash of GBP104.7m and had drawn GBP208.8m on its GBP280m Revolving Credit Facility. The Company also had undrawn commitments on existing investments collectively valued at GBP119.1m. The Company's invested portfolio comprised of 62 private debt investments and 10 infrastructure bonds across 8 sectors and 29 sub-sectors. It had an annualised yield-to-maturity (or yield-to-worst in the case of callable bonds) of 8.7% and a cash yield of 5.5%. The weighted average portfolio life is approximately 4.5 years. Private debt investments represented 95% of the total portfolio and 61% of the portfolio comprised floating rate assets. The weighted average purchase price of the Company's investments was 97.3% of par. Investments which are pre-operational represented 8.2% of total assets.
The Company's invested portfolio remains geographically diverse with 46% located across the US, 19% in the UK, 30% in Europe, and 5% in Australia/New Zealand. Currently the Company is not investing in Portugal or Italy but has selectively invested in opportunities in Spain. The Company's pipeline of economic infrastructure debt investments remains strong and is diversified by sector, sub-sector, and jurisdiction. At month end, approximately 100% of the Company's NAV consisted of either Sterling assets or was hedged into Sterling. The Company has adequate resources to cover margin calls on its hedging book.
On 3 March, the Company announced a Placing of new ordinary shares raised GBP110m of gross proceeds. The proceeds of the issue were used to partially repay the Company's outstanding debt on 8 March. The effects of this issue will be reflected in the March investor report.
As announced on 10 March, the Company is pleased to publish its ESG policy, setting out the criteria and principles applied to its investing activities. The Board looks forward to providing an update on progress in implementing these in the Company's 2021 annual report.
The Company's settled investment activities during February include:
-- A EUR45.0m primary Holdco loan to Camden B.V., a holding company with stakes in a portfolio of CCGT power assets in the Netherlands;
-- An additional disbursement of $2.7m to Prime Data Centres for the development of a data centre campus in Sacramento, California;
-- An additional $1.6m disbursement to Sunrun Safe Harbour, a leader in the US residential solar market; and
-- An additional $0.6m disbursement to Bourzou Equity, a company created for a data centre in Virginia.
The following assets sold or prepaid in February:
-- A $15.0m combined secondary acquisition of NewCold USA's Burley and Tacoma mezzanine loans, fully automated cold storage facilities with anchor tenants on long-term contracts;
-- A EUR39.0m primary loan to Bizkaia Holdings, an operational CCGT power plant in the Basque region of Spain;
-- A $0.1m term loan to Castlelake, an aircraft leasing company.
Ordinary Portfolio Summary (15 largest settled investments)
Investment name Currency Type Ranking Value Sector Sub-sector Cash-on-cash Yield GBPm yield to maturity (1) (%) / worst (%) Transport Rolling Madrid Metro EUR Private HoldCo 66.0 assets stock 1.30 5.40 Landfill Infinis Energy GBP Private Senior 65.0 Renewables gas 5.00 5.00 AP Wireless Telecom Junior EUR Private Mezz 60.9 TMT towers 4.22 6.12 Hawaiki Mezzanine Undersea Loan USD Private Mezz 53.9 TMT cable 8.54 9.56 Tracy Hills TL Residential 2025 USD Private Senior 52.8 Other infra 8.11 8.11 Warnow Tunnel EUR Private Senior 52.1 Transport Road 1.34 1.34 Expedient Data Centers USD Private Senior 46.1 TMT Data centers 5.68 5.85 Euroports 2nd Lien 2026 EUR Private Mezz 43.9 Transport Port 7.80 7.88 Care4U Senior Health Secured EUR Private Senior 43.8 Accomm. care 6.00 6.00 Scandlines Mezzanine EUR Private HoldCo 42.8 Transport Ferries 0.00 9.13 Adani Abbot HoldCo 2021 AUD Private HoldCo 42.4 Transport Port 5.62 15.80 Bannister Senior Health Secured GBP Private Senior 41.6 Accomm. care 6.54 6.75 Project Camden EUR Private HoldCo 39.0 Power Base load 7.50 7.50 Hawkeye Solar Solar HoldCo USD Private HoldCo 38.5 Renewables & wind 8.25 8.25 Jetpeaks HoldCo Energy 2027 USD Private HoldCo 37.9 Power transition 7.48 8.02
Note (1) - excluding accrued interest
The Company's monthly investor report and additional portfolio disclosure will be made available at http://www.seqifund.com/ .
LEI: 2138006OW12FQHJ6PX91
This announcement is not for publication or distribution, directly or indirectly, in or into the United States of America. This announcement is not an offer of securities for sale into the United States. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States, except pursuant to an applicable exemption from registration. No public offering of securities is being made in the United States.
For further information please contact:
Sequoia Investment Management Company +44 (0)20 7079 0480
Steve Cook
Dolf Kohnhorst
Randall Sandstrom
Greg Taylor
Anurag Gupta
Jefferies International Limited +44 (0)20 7029 8000
Gaudi le Roux
Neil Winward
Tulchan Communications (Financial PR) +44 (0)20 7353 4200
Martin Pengelley
Elizabeth Snow
Laura Marshall
Praxis Fund Services Limited (Company Secretary) +44 (0) 1481 755530
Matt Falla
Katrina Rowe
About Sequoia Economic Infrastructure Income Fund Limited
The Company 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.
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END
NAVSFMFMFEFSEID
(END) Dow Jones Newswires
March 12, 2021 02:00 ET (07:00 GMT)
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