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QuotedData’s morning briefing 23 February 2021

In QuotedData’s morning briefing 23 February 2021:

  • Sequoia Economic Infrastructure Income Fund says that it plans to raise up to a maximum of £172.9m by issuing up to 164,312,714 new ordinary shares at 105.25p. The price is a 4.0% premium to  NAV and a discount of 2.7% to the closing price of 108.2p last night. The proceeds will be used to repay debt outstanding under the revolving credit facility and, in due course, fund new investments. It says that the investment adviser has a near-term pipeline of £230m, which is geographically diverse and include potential investments in data centres, electricity generation and supply and renewable energy.
  • Corporation Financière Européenne S.A., on behalf of funds or vehicles which are managed or advised by it, says it will now not make an offer for CIP Merchant Capital.
  • HICL Infrastructure highlights the problems that Eurostar is experiencing and how these might affect its HS1 channel tunnel rail link. Eurostar had pre-booked train paths up to mid December 2020. Since then,  international track access revenues reflect the very low volume of trains currently being run. Eurostar is seeking government support. HS1 has sufficient liquidity within the group to fund debt service through 2021. Beyond that, it depends on what happens with Eurostar. Currently, HICL is applying a 35% haircut to its valuation of this project and has also knocked 42% off its valuation of its Northwest Parkway road project and 5% of its A63 French motorway project to reflect COVID-related travel restrictions.

We also have results from Polar Capital Global Financials, Fondul Proprietatea and Herald.

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