Increase of Revolving Credit Facility

RNS Number : 2356X

Sequoia Economic Infra Inc Fd Ld

18 December 2019

 

18 December 2019

Sequoia Economic Infrastructure Income Fund Limited ("SEQI" or the "Company") 

Increase in Revolving Credit Facility  

In light of the Company's increased scale, its deployment level and its pipeline of opportunities, the Board has increased the size of the Company's multi-currency Revolving Credit Facility ("RCF") by entering into a third amendment and restatement agreement to the RCF, providing an additional £80 million of capacity and resulting in a total capacity of £280 million under the RCF.

The lending group and other key terms of the RCF remain unchanged. The tenor of the RCF is due to expire on 6 December 2021, with borrowing costs at 210 basis points over LIBOR.

The RCF imposes an interest cover test and a loan to value 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. 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. 

For further information please contact: 

Sequoia Investment Management Company                             [phone]

Steve Cook

Dolf Kohnhorst

Randall Sandstrom

Greg Taylor

Stifel Nicolaus Europe Limited                                                    [phone]

Mark Bloomfield

Alex Miller

Praxis Fund Services Limited (Company Secretary)                 [phone]

Matt Falla

Katrina Rowe                

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.

LEI: 2138006OW12FQHJ6PX91

 

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