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Sequoia Economic Infrastructure Income Fund proposes a placing

Sequoia Economic Infrastructure-SEQI

Sequoia Economic Infrastructure Income (SEQI) has announced a proposed placing of up to 125,000,000 new ordinary shares.. The placing price is to be announced separately on or around 13 September 2019, alongside the Company’s unaudited NAV as at 30 August 2019. Stifel Nicolaus Europe Limited (“Stifel”) is acting as financial adviser and sole bookrunner to the Company.

In June this year, the company raised £216m of equity capital in a heavily oversubscribed issue. The proceeds of that issue were largely applied in repaying the Company’s revolving credit facility with some allowance made for new investments that were expected to settle soon after the issue closed. Remaining opportunities in the pipeline were then to be financed by new drawings on our credit facilities.

Robert Jennings, chairman, says that, since June, the rate of deployment has been ahead of their expectations with the result that SEQI’s bank facilities are already significantly drawn again. Moreover, he says that SEQI’s Investment Adviser has been able to replenish the pipeline with several attractive opportunities while continuing to rebalance the level of SEQI’s exposures to stronger credits within our investment spectrum. They see a favourable outlook for deployment over the rest of 2019, and consider that now is an opportune time to issue additional equity. The proceeds of this Placing will be used to pay down drawings on our revolving credit facility thereby increasing our headroom for deployment into new opportunities over the remainder of 2019.”


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