Sequoia Economic Infra Inc Fd Ld Half-year Report - Replacement (7410Y)
December 07 2017 - 10:04AM
UK Regulatory
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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