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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 : 4626T
Sequoia Economic Infra Inc Fd Ld
13 October 2017
13 October 2017
Sequoia Economic Infrastructure Income Fund Limited
Net Asset Value as at 29 September 2017 and Investment Update
Ordinary Share update
SEQI's NAV increased to 101.24p per share from 100.81p per share on 31st August 2017 which arose primarily through:
-- Interest income net of expenses of 0.47p; -- An increase of 0.45p in asset valuations; -- A decrease of 0.49p from FX movements.
During September, the Company's investment activities resulted in the total invested portfolio of 88.5% of the Company's NAV, with an additional GBP52.5m either traded but not settled or undrawn commitments. The total amount invested and committed represents 95.4% of the Company's NAV. The Company had gross leverage of GBP40m representing c.5.3% of NAV.
The portfolio held 33 private debt investments and 20 infrastructure bonds for a total of 53 investments that covered 8 sectors and 25 subsectors, and are collectively valued at GBP677.7m (incl. accrued interest). The annualised yield-to-maturity (or yield-to-worst in the case of callable bonds) was 8.1% and the acquired portfolio had a weighted average life of approximately 4.5 years. Private debt investments represented 73% of the Company's investments. The weighted average purchase price of the Company's acquired investments was c.95.0% of par. Investments which are pre-operational represent 15.8% of NAV.
As of the 29th September 2017, approximately 90% 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 historically been modest.
Approximately 57% of the invested portfolio comprises floating rate assets, with only two LIBOR floor above current LIBOR levels (EUR). As such, the portfolio's yield is likely to rise over time as LIBOR increases.
The Company's settled investment activities during September include:
-- A EUR40m secondary purchase of a loan strip for Warnow Tunnel, a toll road that crosses the Warnow River in Rostock, Germany;
-- A GBP32m strip of bonds for Theatre (Hospitals) plc, which finances operating hospitals in the UK;
-- The final drawdown of $20m to Hawaiki, a company that lays broadband cable across the Pacific Ocean to connect Australia, Hawaii, and the US;
-- The first drawdown of $20.9m to Tracy Hills, a residential infrastructure project in California;
-- A $25m secondary market purchase of a loan to Terra-Gen, a southern California renewables company that produces 653MW of renewable energy.
The Company had an ongoing charge ratio of 0.96% p.a. for the quarter ended 30 June 2017 (of which 0.62% p.a. pertained to the Investment Adviser's fee).
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 38.2 Transport Road 3.5 AP Wireless Infrastructure GBP Private Senior 38.0 TMT Towers 6.0 Hawaiki Mezzanine Undersea Loan USD Private Mezz 38.0 TMT cable 11.2 Data IO Data Centers USD Private Senior 37.3 TMT centers 9.0 Cory Environmental GBP Private HoldCo 32.7 Utility Waste-to-energy 8.5 Regard Group Health Mezzanine GBP Private Mezz 29.0 Accommodation care 12.1 Data Abteen Ventures USD Private Senior 26.1 TMT centers 8.0 Warnow Tunnel EUR Private Senior 21.1 Transport Road 6.8 Exeltium Mezzanine EUR Private Mezz 20.6 Power PPA 12.4 Industrial Natgasoline USD Private Mezz 20.6 Other infra 10.0 Welcome Break Motorway No.1 Ltd GBP Private Mezz 18.3 Transport services 8.3 NGG Finance Electricity 5.625% 2073 GBP Public Mezz 17.0 Utility Distribution 3.5 Terra-Gen Power TL Solar B USD Private Senior 17.0 Renewables & Wind 8.1 Solar Neoen Production EUR Private HoldCo 16.6 Renewables & wind 7.0 Tracy Hills Residential TL 2025 USD Private Senior 15.6 Other Infra. 9.3
Note (1) - excluding accrued interest
Market Summary
A total of 44 project finance transactions closed in September throughout the Company's eligible jurisdictions, and were worth $10.7b in aggregate. Notable transactions during the month include:
-- The GBP207m primary financing of the second phase of the Ferrybridge Multifuel 2 EfW plant. The plant is under construction and is intended to process up to 675 thousand tonnes of waste each year upon operations;
-- The $179.4m refinancing of the Mesquite gas-fired generation station in Arizona;
-- The $438 million investment-grade refinancing of the Tenaska solar project in Imperial Valley, California.
In September, the Federal Reserve announced it intended to unwind some of the stimulus it had put into place after the 2008 financial crisis. It will begin to cut its balance sheet in October and is expected to raise interest rates once more in 2017, with three rate hikes expected in 2018.
The eurozone economy has continued to grow, with the ECB raising its growth forecast to 2.2%, the highest seen since 2007.
During September, both the Euro and the US Dollar weakened against Sterling ending the month at EUR1.1348 and $1.3395 respectively, and the Bloomberg USD High Yield Corporate Bond Index rose slightly to 182.3.
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
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October 13, 2017 02:00 ET (06:00 GMT)
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