In QuotedData’s morning briefing 4 March 2021:
- International Public Partnerships (INPP) has renewed its corporate debt facility for a further three years to March 2024. The new facility has the same overall £400m capacity but is structured more efficiently as £250m on a fully committed basis together with a flexible ‘accordion’ component which will allow for a future extension by an additional £150m. Interest will be charged at a margin of 165bps (1.65%) over EURIBOR for Euro drawings and 170bps over SONIA for Sterling drawings; and a ratchet mechanism applies to the commitment fee such that it varies between 50bps and 90bps depending on the level of utilisation. The banking group has been retained and this includes National Australia Bank, The Royal Bank of Scotland International, Sumitomo Mitsui Banking Corporation and Barclays Bank. As at 3 March 2021, INPP’s debt was just £38m. The available funding will be used to finance the existing Offshore Transmission Projects (‘OFTO’) including Beatrice, Rampion and East Anglia One, as well as further investments into Diabolo Rail, Offenbach Police Headquarters and existing digital infrastructure investments.
- SDCL Energy Efficiency Income Trust (SEIT) has announced a third quarterly interim dividend in respect of the three month period ended 31 December 2020 of 1.375p. The board is now targeting an annual dividend of 5.62p for the 12 month period commencing 1 April 2021 and a progressive dividend thereafter. The annual dividend target will continue to be paid in equal quarterly instalments.
- NextEnergy Renewables will delay its proposed IPO, saying “The company continues to be encouraged by the response to the proposition from a broad range of institutional investors, private wealth managers and the retail market. However, a number of institutional investors require more time to complete due diligence. In light of this, the board believes it is in investors’ interests to delay the IPO to ensure that the largest number of investors possible can participate.” [It is rare, but not unheard of, that such announcements are followed by a successful fundraise. The launch should not be written off. Perhaps investors are suffering from IPO fatigue in this sector.]
We also have results from Alliance Trust, a deal between Ediston Property and Supermarket Income REIT, and some good news for Strategic Equity Capital.