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QuotedData’s morning briefing 23 June 2022

In QuotedData’s morning briefing 23 June 2022:

  • BlackRock World Mining Trust (BRWM) says that the up coming IPO of Ivanhoe Electric Inc. on Friday, 24 June 2022 would, at the mid-point of the announced IPO valuation range, add about 1.4% to its NAV. The trust’s investment consists of common shares of Ivanhoe Electric Inc. and I-Pulse Inc ., as well as a series of convertible notes, which together amounted to 1.2% of the portfolio as at 31 December 2021.
  • JZ Capital Partners (JZCP) has received $96.2m from its sale of a portion of Testing Services Holdings. This adds 59 cents to the 30 April 2022 NAV per share. It also frees up enough cash to allow it to redeem its zero dividend preference shares on 1 October 2022, and extend the maturity of the Subordinated Notes made available by Jay Jordan and David Zalaznick (and their affiliates) due on 11 September 2022. The remaining interest in the Secondary Fund is valued at approximately $75.4m.
  • Downing Renewables & Infrastructure Trust (DORE) raised gross proceeds of £52.9m and will issue 47,614,000 ordinary shares at a price of 111p, exceeding the £50m target size of the initial issue.
  • Marble Point Loan Financing (MPLF) says its NAV fell by 13.9% over May as concerns around rising interest rates, inflation and supply chain issues continue to weigh on speculative grade debt issuers. The S&P/LSTA Leveraged Loan Index experienced its third worst monthly performance since the global financial crisis. Retail loan fund flows turned negative for the first time since November 2020 and contributed to selling pressure. In addition, increasing downgrades of loan issuers and an acute focus on underperforming businesses contributed to downward price movements. Bank of America research estimated that 80 loans have declined by at least 10 points in price since the start of the year.
  • AVI Global Trust (AGT) says that it plans to issue 8bn of new Japanese Yen fixed rate unsecured debt for a term of ten years. Subject to final documentation, the annual interest rate on the debt will be 1.38%. The debt is equivalent to about £48m at current exchange rates. Assuming that the debt issue proceeds as planned, the weighted average interest on the trust’s fixed rate borrowings will be reduced to 2.70%, compared with 3.56% currently. The trust’s Japanese investments provide a natural hedge to the new debt.
  • Custodian REIT (CREI) has acquired a 70,160 sq ft retail park in Nottingham consisting of four units occupied by Wickes, Matalan, Poundland and KFC, for £15m. The units have a weighted average unexpired term (WAULT) to first break or expiry of nine years with an aggregate passing rent of £994,050 per annum, reflecting a net initial yield of 6.21%.
  • Grainger (GRI) has exchanged conditional contracts to forward fund and acquire the build-to-rent element of the second phase of ‘Redcliff Quarter’ in Bristol which comprises 374 private rental (PRS) homes, as well as 94 affordable homes and six commercial units. Construction is expected to commence in the third quarter of 2022, with practical completion of the final element targeted for early 2025. It is anticipated that the scheme will generate a gross yield on cost of 6% once fully let and stabilised.
  • Regional REIT (RGL) has acquired three offices for a total of £26.5m, reflecting an overall blended net initial yield of 8.0%. It has bought 1 North Bank, in Sheffield (totalling 58,893 sq ft) for £8.5m, Thorpe Park, in Leeds (totalling 31,101 sq ft) for £8.6m, and Albion Street, in Leeds (totalling 34,196 sq ft) for £9.4m.
  • SEGRO (SGRO) has issued a US private placement of €225m senior unsecured notes with a group of institutional investors. The issue consists of two tranches, both of which will be drawn down in September 2022. The first is €50m at a fixed coupon of 3.87% and matures in 2037 and the second is €175m at a fixed coupon of 4.14%, which matures in 2042. This translates to a weighted average coupon of 4.08% and a weighted average maturity of 18.9 years.

We also have results from Rockwood Strategic, JPMorgan Japan Small Cap Growth and Income and Urban Logistics REIT, plus Oakley Capital selling its stake in

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