In QuotedData’s morning briefing 19 November 2020:
- International Biotechnology reports that an uplift in the value of its stake in SV Fund VI has added $4.8m (£4.0m) or 9.1p per share to its NAV.
- Octopus Renewables Infrastructure Trust has secured a committed £150m revolving credit facility (RCF) from a group of five lenders. The RCF, provided by Banco de Sabadell, Intesa Sanpaolo S.p.A. London Branch, National Australia Bank, NatWest and Santander, has a term of three years, can be drawn in GBP, EUR, AUD and USD, and has an uncommitted accordion allowing the facility to be increased in size by up to a further £100m. The interest rate is 2.3% above LIBOR (or equivalent reference rate for other currencies).
- Capital & Counties has launched an offering of approximately £250m of Secured Exchangeable Bonds due 2026, exchangeable for ordinary shares of Shaftesbury Plc. The money will be used to reduce Capco’s Covent Garden revolving credit facility. Capco’s LTV would continue to be about 25% but the LTV for Covent Garden would fall to 24% from 36%. The bonds will have a coupon between 1.5% and 2.0% and would be convertible into Shaftesbury shares at a premium of between 35% and 40% to the Shaftesbury share price.
We also have news of new investments made by Hg Capital and Syncona, as well as half-year results from LondonMetric.