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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.10 | 0.12% | 81.50 | 81.30 | 81.50 | 81.60 | 81.10 | 81.60 | 2,559,773 | 16:35:14 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Trust,ex Ed,religious,charty | 11.08M | -17.95M | -0.0107 | -75.98 | 1.37B |
TIDMSEQI
RNS Number : 0600N
Sequoia Economic Infra Inc Fd Ld
15 January 2019
15 January 2019
Sequoia Economic Infrastructure Income Fund Limited
("SEQI" or the "Company")
Net Asset Value as at 31 December 2018 and Investment Update
The NAV for SEQI, the specialist investor in economic infrastructure debt, increased to 101.78p from the prior month's NAV of 101.34p. The changes in NAV arose primarily through:
-- Interest income net of expenses of 0.60p; -- A decrease of 0.18p in asset valuations; and -- An increase of 0.03p from FX movements.
During the month, the Company drew GBP55.7m on its Revolving Credit Facility which is expected to be deployed into its pipeline of investment opportunities. The Company's cash balance after deducting net borrowings of GBP55.7m was GBP14.3m, with total net assets of GBP1.1bn at month end. The Company also had undrawn commitments, and three additional investments in settlement, collectively valued at GBP188.6m.
The Company's invested portfolio comprised of 43 private debt investments and 20 infrastructure bonds across 8 sectors and 24 sub-sectors and had an annualised yield-to-maturity (or yield-to-worst in the case of callable bonds) of 8.8% and a weighted average life of approximately 5.4 years. Private debt investments represented 85.3% of the total portfolio and 65.4% of the portfolio comprised floating rate assets. The weighted average purchase price of the Company's investments was c. 97.1% of par. Investments which are pre-operational represented 15.9% of total assets.
The Company's invested portfolio remains geographically diverse with 48% located across the US, 15% in the UK, 28% in Europe, and 10% in Australia/New Zealand. Currently the Company is not investing in Portugal or Italy but has invested in selective opportunities in Spain. The Company's pipeline of economic infrastructure debt investments remains strong and is diversified by sector, sub-sector, and jurisdiction.
As at 31 December 2018, approximately 99% of the Company's 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.
The Company's settled investment activities during December include:
-- A $35.7m initial primary disbursement to Epic Midstream, a midstream oil and gas company that is constructing two pipelines from the Permian Basin to Corpus Christi, Texas;
-- A $20m secondary purchase of General Electric's 5% perpetual bonds, an equipment manufacturer that is shifting its focus to the power, renewables, and aviation sectors;
-- An additional $10m secondary loan purchase of Midcoast Energy's TL B; -- An additional $5m disbursement to Whittle Schools in Washington, D.C.; -- An additional $5m secondary purchase of Terra-Gen's term loan maturing in 2021; -- An additional EUR2m primary investment in Hatch Student Housing in Ireland; -- An additional EUR1.7m secondary purchase of Ziton's variable rate 2021 bonds; -- An additional GBP650k secondary purchase of Voyage Care 5.875% 2023 bonds; -- An additional NOK1.0m secondary purchase of Exmar variable rate 2019 bonds.
No investments were sold, called, or prepaid during December.
Ordinary Portfolio Summary (15 largest settled investments)
Investment name Currency Type Ranking Value Sector Sub-sector Yield GBPm(1) to maturity / worst (%) Hawaiki Mezzanine Undersea Loan USD Private Mezz 55.5 TMT cable 11.8 Salt Creek Midstream USD Private Senior 54.9 Utility Midstream 8.0 Tracy Hills TL Residential 2025 USD Private Senior 47.1 Other infra 10.5 Scandlines Mezzanine 2032 EUR Private HoldCo 44.9 Transport Ferries 6.5 Bannister Senior Secured GBP Private Senior 42.0 Accomm. Health care 7.9 Adani Abbot HoldCo 2021 AUD Private HoldCo 41.4 Transport Port 9.2 Bizkaia TL 2021 EUR Private HoldCo 37.0 Power Elec. generation 7.7 Aquaventure USD Private Senior 35.3 Utility Water 8.3 Solar & Project Warsaw EUR Private Senior 32.2 Renewables wind 5.9 Solar & Sunrun Hera 2017-B USD Private Mezz 31.4 Renewables wind 7.5 Seaport TL B USD Private Senior 31.2 Transport Port 8.4 Sacramento Data Centre USD Private Senior 28.6 TMT Data centers 11.0 Epic Midstream USD Private Senior 28.0 Utility Midstream 8.4 Abteen Ventures USD Private Senior 27.7 TMT Data centers 5.0 EIF Van Hook TL B 2024 USD Private Senior 26.2 Utility Midstream 8.8
Note (1) - excluding accrued interest
Market Summary
A total of 59 project finance transactions closed in December throughout the Company's eligible jurisdictions, worth $22.6bn in aggregate. Notable transactions during the month include:
-- A GBP1.4bn refinancing of the Dugeon offshore wind farm in the United Kingdom; -- CAD 239m PPP for the redevelopment of the Rutherford GO station in Ontario, Canada; -- A EUR250m revolving facility for TDF, an internet network services provider in France.
In the US, rising interest rates and trade tensions with China continued to weigh on investor confidence at the end of 2018. Global growth concerns were compounded by hawkish comments from the Federal Reserve which would further stress an already-stretched credit market in the US, particularly in the leveraged loan space. Rate rises are contributing to a strengthening Dollar, especially against the Pound, ending the month at 1.2746 GBP/USD.
UK retail sales were higher in November on the back of Black Friday sales, but fell in December after a weak Christmas period as Brexit continues to impact consumer confidence. Mark Carney also presented a bearish assessment of the Brexit uncertainty which eroded any upside for the Pound.
Lastly, Italy's populist government agreed to delay some planned expenditures, thus ending a long-running disagreement with the EU over the feasibility of Italy's proposed budget. European markets responded positively to this development but are still cautious regarding the eurozone's vulnerability to slowing growth and economic problems in China and other emerging markets. GBP ended the month down 1.3% against the Euro at 1.1130.
The Company's monthly investor report and additional portfolio disclosure will be made available at http://www.seqifund.com/.
LEI: 2138006OW12FQHJ6PX91
For further information please contact:
Sequoia Investment Management Company +44 (0)20 7079 0480
Steve Cook
Dolf Kohnhorst
Randall Sandstrom
Greg Taylor
Stifel Nicolaus Europe Limited +44 (0)20 7710 7600
Neil Winward
Mark Bloomfield
Gaudi Le Roux
Tulchan Communications (Financial PR) +44 (0)20 7353 4200
James Macey White
Martin Pengelley
Elizabeth Snow
Praxis Fund Services Limited (Company Secretary) +44 (0) 1481 755530
Matt Falla
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 news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
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(END) Dow Jones Newswires
January 15, 2019 02:00 ET (07:00 GMT)
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