Half-year Report - Replacement

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 £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

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 £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:

http://www.rns-pdf.londonstockexchange.com/rns/7410Y_-2017-12-7.pdf

 

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LEI: 2138006OW12FQHJ6PX91

For further information please contact: 

Sequoia Investment Management Company Steve Cook Dolf Kohnhorst Randall Sandstrom Greg Taylor	[phone]
Stifel Nicolaus Europe Limited Neil Winward Mark Bloomfield Gaudi Le Roux	[phone]
Tulchan Communications (Financial PR) James Macey White Martin Pengelley Elizabeth Snow	[phone]
Praxis Fund Services Limited (Company Secretary) Shona Darling	[phone]

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.

 

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