Sequoia Economic Infrastructure Income Fund (SEQI) has announced that, further to its announcement on 3 June 2019 that it was seeking to raise gross proceeds of £216 million by way of an Open Offer, Placing and Offer for Subscription, the Issue has been significantly oversubscribed. SEQI’s board say that investor demand for the Issue has significantly exceeded the maximum issue size of £216 million and a scaling back exercise has been undertaken (for applications received as part of the Placing and Offer for Subscription).
The oversubscribed issue
SEQI says that a total of 200,000,000 New Ordinary Shares will be issued. Of these, 127,505,908 New Ordinary Shares will be issued pursuant to the Open Offer (including the Excess Application Facility) and 72,494,092 New Ordinary Shares will be issued pursuant to the Placing and the Offer for Subscription. It is expected that the shares will be admitted to trading on the London Styock Exchange on 27 June 2019. Following Admission, the Company will have 1,261,153,014 Ordinary Shares in issue.
Comments from Robert Jennings, Chairman of SEQI
“We are delighted at the success of this issue. On behalf of the Board, I would like to thank our existing shareholders and new investors for their support. The proceeds raised will be used to repay our RCF and grow our diversified portfolio through disciplined investment in a diversified pipeline of attractive economic infrastructure debt opportunities.”
About Sequoia Economic Infrastructure Income Fund
Sequoia Economic Infrastructure Income Fund aims to provide investors with regular, sustained, long-term distributions and capital appreciation from a diversified portfolio of senior and subordinated economic infrastructure debt investments.