Sequoia Economic Infra Inc Fd Ld £40 million Secured Loan Signed (7300M)
October 17 2016 - 8:00AM
UK Regulatory
TIDMSEQI TIDMSEQC
RNS Number : 7300M
Sequoia Economic Infra Inc Fd Ld
17 October 2016
17 October 2016
Sequoia Economic Infrastructure Income Fund Limited
(the "Company")
GBP40 million Secured Loan Signed
The Board of Sequoia Economic Infrastructure Income Fund Limited
is pleased to announce that on the 17 October 2016 the Company
executed an 18-month GBP40 million secured loan with JP Morgan
Chase Bank, London Branch ("JP Morgan").
The proceeds of the loan are to be used in or towards the making
of investments in accordance with the Company's investment policy.
The Investment Adviser continues to see attractive opportunities
for the deployment of capital in the economic infrastructure debt
sector, and expects the overall yield on the portfolio to remain
eight per cent. or higher.
There is potential to increase the size of the loan in the
future, once the loan proceeds have been fully deployed. In
accordance with the Company's Investment Policy, any borrowings
undertaken by the Company will not exceed 20 per cent. of the value
of the assets of the Company less its liabilities.
Interest on the loan is charged at a rate of LIBOR plus 2.5 per
cent. per annum. There are no upfront fees or commitment fees
payable on the loan, however a fee is payable upon early
prepayment. Under certain circumstances half of this prepayment fee
may be credited against the interest expense of potential future
loans between the Company and JP Morgan. The loan imposes an asset
cover test on the Company and is secured by, inter alia, a charge
over the bank accounts of the Company, a charge over the shares in
Sequoia IDF Asset Holdings S.A. (the "Subsidiary") held by the
Company and a charge on the assets of the Subsidiary.
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
Praxis Fund Services Limited
(Company Secretary) +44 (0) 1481
Shona Darling 755528
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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