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QuotedData’s morning briefing 21 April 2021

In QuotedData’s morning briefing 21 April 2021:

  • Riverstone Credit Opportunities (RCOI) participated in a $63.0m first lien delayed-draw term loan to a lithium-ion battery company [Imperium3 New York – or IM3NY] that will commercialise high performing lithium-ion batteries by developing a large-scale manufacturing facility in Endicott, NY. In addition to having a first lien on the manufacturing assets, the credit facility is supported by two parent guarantors: Charge CCCV (“C4V”), which is a research and development company based in Binghamton, New York with patented discoveries in battery composition, and Magnis Energy Technologies. Once producing at scale, the company will be the first U.S. battery cell supplier not captive to an original equipment manufacturer and supply various underserved industrial end-markets. $6.8m was committed by the fund and $5.4m of this was drawn at closing. The loan has a maturity of April 2025 and an estimated all-in yield to maturity of 22.8% for the fund (on a fully-drawn basis).
  • Herald Investment Trust (HRI) says that James Will, a non-executive director of the company since April 2015, has been appointed as its senior independent director.
  • At Aberdeen Emerging Markets (AEMC) AGM, while all the resolutions were passed, there were big votes against the four directors up for re-election – ranging between 13.1m and 15.7m votes or 31.1% and 37.4% of shares voted. The board says that the “vast majority of these shares were voted by one institution. The board notes the reasons why the shares were voted in this way” but unfortunately doesn’t tell us what these reasons were. [Aberdeen Emerging Markets is currently the best-performing global emerging markets investment company over the past 12 months. The directors have not been on the board for more than 10  years. It really isn’t obvious why there’s a problem.]
  • Supermarket Income REIT has bought a Tesco supermarket in Colchester, Essex for £63.0m, representing a net initial yield of 4.5%. Developed in 1993, and extensively refurbished in 2011, the  10 acre site is located in Hythe and comprises a 54,300 sq ft net sales area supermarket, a 16-pump petrol filling station and 570 parking spaces. The store has several online fulfilment distribution docks supporting Tesco’s online grocery business across the region. It is being acquired with an unexpired lease term of 19 years, with annual, upwards only, RPI-linked rent reviews (subject to a 4.0% cap and a 0.0% floor).

We also have news of a new investment by Tritax Big Box REIT and results from NB Private Equity and Acorn Income Fund.

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