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QuotedData’s morning briefing 14 October 2021

In QuotedData’s morning briefing 14 October 2021:

  • Downing Renewables & Infrastructure Trust (DORE) raised £14.87m from its placing and the PrimaryBid offer, almost all of which came from the placing. The investment manager is also currently exploring options to optimise the existing capital structure, including the inception of a revolving credit facility.
  • At 30 September 2021, Standard Life Private Equity (SLPE)’s estimated NAV was 627.1p (estimated net assets £964.2m), representing a 0.2% per share increase from the estimated NAV at 31 August 2021, most of which is attributable to foreign exchange movements. In September, the company made a $62.5 million commitment to Structured Solutions IV Primary Holdings, a diversified secondary transaction which comprises a balanced portfolio of recent vintage large cap buyout funds in Europe and North America. Initial funding of $38.4m was paid at the end of the month. The company also made a €7.9m co-investment into Riskalyze, a US sector leader in risk tolerance software for financial advisors. The co-investment was made alongside sponsor Hg.
  • Fair Oaks (FAIR) has reset one of its CLO investments – Fair Oaks Loan Funding III – a CLO backed by a portfolio of European broadly syndicated, secured loans. The CLO, with a €35m par value, was priced in September 2020 with a weighted average coupon for the CLO financing of Euribor+2.01%. Fair Oaks Loan Funding III’s original investment period was scheduled to end in October 2023. After the reset, the CLO will benefit from a weighted average coupon of Euribor+1.79% and an investment period ending in April 2026. The effect of this is that the potential total return for this investment, since inception will increase by 4.8% per annum and the projected multiple on capital invested will increase from 1.27x to 1.51x.
  • Dunedin Enterprise (DNE) says that Dunedin Buyout Fund III LP has agreed to sell part of its stake in GPS, a market leader in payment processing technology. The investment was valued at £16.1m at 30 June 2021. Proceeds from the partial sale will amount to £18.2m, consisting of capital of £16.0m and income of £2.2m. In addition, £5.9m will be rolled into a GPS newco resulting in a total consideration of £24.1m. This represents an uplift of £8m on the 30 June 2021 valuation, equivalent to 44.1p per share. The transaction is subject to regulatory approval and is expected to complete by the end of 2021. The effect of the transaction will be reflected in the net asset value as at 30 September 2021, which is due to be published on or around 1 November 2021.
  • Big Yellow Group (BYG) has increased its debt facilities by £100m in its loan facilities. It has secured an additional £50m seven year debt facility with Aviva Investors. The total debt facilities from Aviva are now £163.4m, of which £18.4m amortises to nil by April 2027. The fixed cost of the total Aviva loan facility reduces from 4.0% to 3.5%. The group has also increased the facilities of its M&G Investments loan by £50m to a total facility of £120m. The average cost of the M&G loan is now 2.4%, with the loan expiring in June 2023. The group says it intends to commence discussions on refinancing this loan next year.

We also have results from TR European and Baillie Gifford Japan, a successful new issue – Castlenau, an acquisition by Grainger and news of a major debt restructure at Capital & Regional.

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