TIDMSEQI
RNS Number : 7652L
Sequoia Economic Infra Inc Fd Ld
14 September 2021
The following amendment(s) has (have) been made to the 'NAV and
Investment Update' announcement released on 14 September at 0700hrs
under RNS No 6307L:
- The figures stated for 'FX Movements, net of hedges' and
'Increase in asset valuations' figures were inserted alongside the
wrong corresponding line;
- Changed 'Increase in asset valuations' to 'Decrease in asset
valuations' in the in the July - Aug NAV table; and
- All figures for 'Cash-on-cash yield' column in the Ordinary
Portfolio Summary table have been revised.
All other details remain unchanged.
The full amended text is shown below.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART
IN OR INTO THE UNITED STATES
14 September 2021
Sequoia Economic Infrastructure Income Fund Limited
("SEQI" or the "Company")
NAV update
The NAV for SEQI, the specialist investor in economic
infrastructure debt, increased to 102.09 pence per share from the
prior
month's NAV of 101.86 pence per share, representing an increase
of 0.23 pence per share. A full attribution of the changes in the
NAV per share is as follows:
pence per
share
--------------------------------- ---------
July NAV 101.86
Interest income, net of expenses 0.58
FX movements, net of hedges -0.01
Decrease in asset valuations -0.34
August NAV 102.09
================================= =========
Portfolio update
As at 31 August 2021, the Company had cash of GBP145.5m and had
drawn GBP83.9m on its GBP280m revolving credit facility. The
Company also had undrawn commitments on existing investments
collectively valued at GBP117.9m. The Company's invested portfolio
comprised of 63 private debt investments and 12 infrastructure
bonds across 8 sectors and 30 sub-sectors. It had an annualised
yield-to-maturity (or yield-to -- worst in the case of callable
bonds) of 9.3% and a cash yield of 5.9%. The weighted average
portfolio life is approximately 4.4 years. Private debt investments
represented 94% of the total portfolio and 50% of the portfolio
comprised floating rate assets. The weighted average purchase price
of the Company's investments was 99.0% of par. Investments which
are pre-operational represented 15% of total assets. The Company's
invested portfolio remains geographically diverse with 46% located
across the US, 21% in the UK, 28% in Europe, and 5% in Australia/
New Zealand. Currently the Company is not investing in Portugal or
Italy but has selectively invested in opportunities in Spain. The
Company's pipeline of economic infrastructure debt investments
remains strong and is diversified by sector, sub -- sector, and
jurisdiction.
At month end, approximately 100% of the Company's NAV consisted
of either Sterling assets or was hedged into Sterling. The Company
has adequate resources to cover margin calls on its hedging
book.
The Investment Adviser, the Investment Manager, and PWC, the
independent valuation agent continue to observe the previously
identified uplift in valuations of the assets where COVID-19 has
impacted performance to materialise. This trend is expected to
persist as economies continue to recover and countries further open
up on the back of their vaccination programmes. Talen performance
continues to be poor as the company works through its plans to
address its high debt load in light of its adverse performance,
driven, as we understand it, primarily by an out-of -- the money
hedging programme which has led to cash and non-cash losses which
we further understand to be one-off adjustments with underlying
operating performance net of these items remaining average. The
Investment Adviser continues to proactively monitor this
holding.
On 5 July 2021, the Company published its Annual Report for the
year ended 31 March 2021 which is available on its website (see
results presentation ). The Board was pleased to announce a total
NAV return of 13.5% in the year and an improvement to the
portfolio's ESG profile year on year.
The Company's settled investment activities during August
include:
-- Another $5.0m bond purchase of Inmarsat, the largest UK
satellite communications company;
-- An additional $1.2m disbursement to Lanthanum, a leading
developer of hyperscale data centres in Virginia;
-- An additional GBP6.5m loan to Trident Bidco, an acquisition
financing facility for specialist healthcare in the UK;
-- An additional GBP1.0m loan to Lloyds Development Limited, a
hotel development in Glasgow; and
-- An $35.0m loan to Brightline, a privately owned passenger
rail project in Florida.
The following assets sold or prepaid in August:
-- A $30.0m primary loan to Prometheus Energy, a leading
independent fuel distributor and convenience store retailer in the
US;
-- A $30.0m Primary loan to CSG Holdings backed by 7
interconnecting natural gas pipelines throughout the US; and
-- A $30.0m Opco loan to Cardinal States Gathering Company LLC
backed by 7natural gas pipelines throughout the US.
Ordinary Portfolio Summary (15 largest settled investments)
Investment name Currency Type Ranking Value Sector Sub-sector Cash-on-cash Yield
GBPm yield to maturity
(1) (%) / worst
(%)
Transport Rolling
Madrid Metro EUR Private HoldCo 66.8 assets stock 1.30 5.40
Landfill
Infinis Energy GBP Private Senior 65.0 Renewables gas 5.00 5.00
AP Wireless Telecom
Junior EUR Private Mezz 60.9 TMT towers 4.22 6.13
Bannister Senior Health
Secured GBP Private Senior 55.5 Accomm. care 6.57 6.57
Hawkeye Solar
HoldCo 2030 1, Solar
2, and 3 USD Private HoldCo 54.9 Renewables & wind 8.05 7.84
Hawaiki Mezzanine Undersea
Loan USD Private Mezz 54.7 TMT cable 8.45 9.51
Bulb Senior TL Electricity
2021 GBP Private Senior 54.7 Utility supply 6.59 7.05
Tracy Hills TL Residential
2025 USD Private Senior 53.6 Other infra 8.08 8.08
AP Wireless US Telecom
Holdco USD Private HoldCo 50.3 TMT towers 6.00 6.00
Expedient Data
Centers Senior
Secured 2026 USD Private Senior 46.7 TMT Data centers 5.57 5.75
Scandlines
Mezzanine
2032 EUR Private HoldCo 44.4 Transport Ferries 0.00 9.56
Sacramento Data
Centre Senior
Secured 2028 USD Private Senior 44.4 TMT Data centers 6.98 6.94
Care4U Senior Health
Secured 2026 EUR Private Senior 43.5 Accomm. care 6.00 6.00
Euroports 2nd
Lien 2026 EUR Private Mezz 43.4 Transport Port 7.83 7.99
Health
Project Rose GBP Private Senior 40.0 Accomm. care 6.84 6.84
Note (1) - excluding accrued interest
The Company's monthly investor report and additional portfolio
disclosure will be made available at http://www.seqifund.com/ .
LEI: 2138006OW12FQHJ6PX91
This announcement is not for publication or distribution,
directly or indirectly, in or into the United States of America.
This announcement is not an offer of securities for sale into the
United States. The securities referred to herein have not been and
will not be registered under the U.S. Securities Act of 1933, as
amended, and may not be offered or sold in the United States,
except pursuant to an applicable exemption from registration. No
public offering of securities is being made in the United
States.
For further information please contact:
Sequoia Investment Management Company +44 (0)20 7079 0480
Steve Cook
Dolf Kohnhorst
Randall Sandstrom
Greg Taylor
Anurag Gupta
Jefferies International Limited +44 (0)20 7029 8000
Gaudi le Roux
Neil Winward
Tulchan Communications (Financial PR) +44 (0)20 7353 4200
Martin Pengelley
Elizabeth Snow
Laura Marshall
Praxis Fund Services Limited (Company Secretary) +44 (0) 1481 755530
Matt Falla
Katrina Rowe
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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END
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September 14, 2021 11:40 ET (15:40 GMT)
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