Sequoia Economic Infra Inc Fd Ld Half-year Report - Replacement (7410Y)

TIDMSEQI

RNS Number : 7410Y

Sequoia Economic Infra Inc Fd Ld

07 December 2017

This announcement replaces the previous RNS, number: 7387Y, which omitted the link to the PDF of the Interim Report. All other details remain unchanged. The full amended text is shown below.

SEQUOIA ECONOMIC INFRASTRUCTURE INCOME FUND LIMITED

INTERIM REPORT

CONTINUED PORTOLIO GROWTH AND PERFORMANCE

Sequoia Economic Infrastructure Income Fund Limited ("the Company") today announces its Interim Results for the period from 1 April 2017 to 30 September 2017.

HIGHLIGHTS

-- The Company raised net proceeds of GBP157.4 million in May 2017 through an Open Offer, Placing and Offer for Subscription

   --      Annualised portfolio yield-to-maturity of 8.1% as at 30 September 2017 
   --      Annualised dividend yield of 6.0% of original issue price for the period 

-- Diversified portfolio of 53 investments made across 8 sectors, 25 sub-sectors and 8 jurisdictions

o 73% of investments in higher yield private debt

o 57% floating rate investments, capturing short-term rate rises

o Attractive weighted average maturity

-- Strong pipeline of potential investments of mostly private debt infrastructure lending opportunities across a range of sectors and regions

-- A number of loan investments expected to prepay in the third quarter of this financial year, with the proceeds rapidly redeployed

-- Multi-currency Revolving Credit Facility of GBP100 million from The Royal Bank of Scotland International Limited and ING Bank and Investec

Financial Highlights at 30 September 2017

 
 Total net assets                 GBP757,048,635 
-------------------------------  --------------- 
 Net Asset Value ('NAV') per 
  Ordinary Share *                101.24p 
 Ordinary Share price *           112.80p 
 Ordinary Share premium to NAV    11.4% 
-------------------------------  --------------- 
 

* Cum dividend

Robert Jennings, Chairman of the Company, said:

"The Board is pleased with the progress of the Company in the first half. We are close to being fully invested, having deployed most of the funds from our successful GBP160 million capital raise in May and we have a strong pipeline of further opportunities.

"The balance of floating rate and shorter term fixed investments means that the portfolio is well positioned to benefit from a rising interest rate environment. We remain confident in the Investment Adviser's ability to grow the portfolio and source high quality, cash generative economic infrastructure debt investment opportunities that will enable us to maintain portfolio yield at 8% or higher and an annual dividend of 6p per share."

Click on, or paste the following link into your web browser to view the Interim Report:

http://www.rns-pdf.londonstockexchange.com/rns/7410Y_-2017-12-7.pdf

-END-

LEI: 2138006OW12FQHJ6PX91

For further information please contact:

 
 Sequoia Investment Management 
  Company 
  Steve Cook 
  Dolf Kohnhorst 
  Randall Sandstrom               +44 (0)20 
  Greg Taylor                      7079 0480 
 Stifel Nicolaus Europe 
  Limited 
  Neil Winward 
  Mark Bloomfield                 +44 (0)20 
  Gaudi Le Roux                    7710 7600 
 Tulchan Communications 
  (Financial PR) 
  James Macey White 
  Martin Pengelley                +44 (0)20 
  Elizabeth Snow                   7353 4200 
 Praxis Fund Services Limited 
  (Company Secretary)             +44 (0) 1481 
  Shona Darling                    755528 
 

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.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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December 07, 2017 11:04 ET (16:04 GMT)