Half-year Report

RNS Number : 7387Y
Sequoia Economic Infra Inc Fd Ld
07 December 2017
 



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 £157.4 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

73% of investments in higher yield private debt

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

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 £100 million from The Royal Bank of Scotland International Limited and ING Bank and Investec

 

Financial Highlights at 30 September 2017

 

Total net assets

£757,048,635

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 £160 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:

 

[RNS TO INSERT HYPERLINK HERE]

 

 

-END-

 

LEI: 2138006OW12FQHJ6PX91

 

For further information please contact: 

 

Sequoia Investment Management Company

Steve Cook

Dolf Kohnhorst

Randall Sandstrom

Greg Taylor

 

+44 (0)20 7079 0480

 

Stifel Nicolaus Europe Limited

Neil Winward

Mark Bloomfield

Gaudi Le Roux

 

+44 (0)20 7710 7600

 

Tulchan Communications (Financial PR)

James Macey White

Martin Pengelley

Elizabeth Snow

 

+44 (0)20 7353 4200

Praxis Fund Services Limited (Company Secretary)

Shona Darling

 

+44 (0) 1481 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
 
 
IR LLFSEFALDIID
UK 100

Latest directors dealings