Sequoia Economic Infra Inc Fd Ld Revolving Credit Facility (5947Y)
07 December 2017 - 2:00AM
UK Regulatory
TIDMSEQI
RNS Number : 5947Y
Sequoia Economic Infra Inc Fd Ld
06 December 2017
Sequoia Economic Infrastructure Income Fund Limited
(the "Company")
Revolving Credit Facility
The Board of Sequoia Economic Infrastructure Income Fund Limited
is pleased to announce that it has secured a multi-currency
Revolving Credit Facility (the "RCF") of GBP100 million from The
Royal Bank of Scotland International Limited (Mandated Lead
Arranger), ING Bank and Investec (Arrangers).
The tenor of the RCF will be three years, commencing on 6
December 2017 with a borrowing cost of 210 basis points over LIBOR.
An arrangement fee will be payable in addition to a commitment fee
on the undrawn portion of the RCF. The Company will retain the
flexibility to increase the amount of the RCF by virtue of having
structured a further GBP50 million incremental accordion tranche.
The Company has repaid its existing GBP40 million secured loan with
JP Morgan Chase Bank in full.
The facility will be used for working capital purposes and to
fund investments in accordance with the Company's investment
policy. The RCF will enable the Company to reduce cash drag by
buying assets through the use of leverage with the intention to pay
this down in the future through equity issuance.
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.
LEI: 2138006OW12FQHJ6PX91
For further information please contact:
Sequoia Investment Management
Company
Steve Cook
Dolf Kohnhorst
Randall Sandstrom +44 (0)20
Greg Taylor 7079 0480
Stifel Nicolaus Europe
Limited
Neil Winward
Mark Bloomfield +44 (0)20
Gaudi Le Roux 7710 7600
Praxis Fund Services Limited
(Company Secretary) +44 (0) 1481
Shona Darling 755528
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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