Asset Finance Facility Agreement

RNS Number : 9603S

SQN Asset Finance Income Fund Ltd

30 September 2014

 



30 September 2014

SQN Asset Finance Income Fund Limited

£15.6m Asset Finance Facility Agreement

SQN Asset Finance Income Fund Limited (the "Company"), the only diversified equipment leasing fund listed in the UK, is pleased to announce that it has agreed an asset finance facility worth a total of £15.6m with Snoozebox Holdings plc ("Snoozebox"), the leading provider of portable hotel accommodation and services.

Under the terms of the agreement, the funds will be drawn down in three tranches, with the first £10m expected to be drawn down in the next quarter and the remainder over the next 12 months, subject to operating and performance criteria. In line with the Company's investment criteria, the finance will be secured against business-essential, revenue producing assets, in this instance modular accommodation.

Neil Roberts, Investment Manager of SQN Asset Finance Income Fund Limited, commented, 

"Modular accommodation is an area which we are familiar with and our evaluation concluded that Snoozebox represents an attractive lending proposition, linked to a significant market opportunity. Our fund is focused on financing business-essential, revenue-producing assets and Snoozebox fits our investment criteria, with the pipeline and growth prospects for its portable hotel accommodation."

For further information please contact:

SQN Capital Management, LLC Jeremiah Silkowski Neil Roberts	01932 575 888
Winterflood Securities Limited	020 3100 0000
Joe Winkley Neil Langford
Buchanan Charles Ryland Sophie McNulty Jason Day	020 7466 5000

Notes to Editor

The Company invests in equipment lease and asset finance arrangements across a diverse portfolio of assets and industries predominantly in the UK and US. The Company focuses on business-essential, revenue-producing (or cost saving) equipment and other assets with high in-place value and long economic life relative to the investment term.

The Company's Investment Manager is SQN Capital Management, LLC, a Registered Investment Advisor with the United States Securities and Exchange Commission. The principals responsible for managing the portfolio are Jeremiah Silkowski and Neil Roberts.

 

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