QuotedData’s morning briefing 30 June 2022

In QuotedData’s morning briefing 30 June 2022:

  • Riverstone Credit Opportunities Income (RCOI) has realised its investment in Roaring Fork Midstream, crystalising a 21.3% IRR and 1.16x MOIC. The loan was made in March 2021, with a $5.9m first lien delayed-draw term loan to sponsor-backed Roaring Fork Midstream, a company which owns and operates pipeline and storage related infrastructure moving natural gas and oil from the wellhead to market. On 28 June 2022, Roaring Fork fully refinanced this loan with a new source of financing. The cash will now be re-deployed in the fund’s pipeline of infrastructure and energy-transition credit opportunities, and green or sustainability-linked loan structures will be prioritised.
  • Crystal Amber (CRS), which is in wind up mode, says that following the payment of a 10p dividend to shareholders in February 2022 (representing a gross return of £8.3m), it expects to return a further 10p per share by mid-August 2022 and to have returned an additional 60p a share by the end of September 2022. If these distributions can be achieved, this would bring total returns in the first nine months of 2022 to 80p a share (equivalent to £66.6 million).
  • abrdn Private Equity Opportunities Trust (APEO) says that its NAV total return for the six months to 31 March 2022 was 6.8% versus 4.7% for the All-Share Index. The portfolio continued to generate strong realisations during the six month period and received distributions of £120.6m and made secondary sales equating to £15.7m. This was balanced against commitments totalling £239.7m – eight new primary investments, nine co-investments, one follow-on investment in an existing co-investment and one secondary investment. The manager says that, in spite of headwinds in the broader financial markets and the uncertain global economic backdrop, the underlying portfolio continues to see numerous success stories across a range of sectors and the average earnings growth over the last twelve months to 31 March 2022 was 25.7%.
  • Life Settlement Assets says it will halve its performance fee from 20% of returns over a hurdle to 10%, but not until the litigation that it is engaged in with the trustees of a policy has been resolved (expected later this year). It is planning to pay the manager a one-off payment of any accrued performance fee payable  in excess of $1m, based on the 2022 financial results. As at 31 December 2021 the accrued performance fee stood at $2.8m. However, in acknowledgement of the significant work that the manager has had to perform with regard to engagement with the legal dispute over a long period, the directors have agreed to make an immediate advance to the manager, subject to an agreed clawback mechanism, of $0.5m.
  • BMO UK High Income Trust has changed its name to CT UK High Income Trust (CHI) with effect from 29 June 2022.
  • BMO Real Estate Investments has also changed its name, to CT Property Trust Limited, with effect from today 30 June 2022, and BMO Commercial Property Trust (BCPT) has changed its name to Balanced Commercial Property Trust Ltd with immediate effect.
  • Aquila European Renewables Income Fund (AERI) has closed the acquisition of a 100% interest in Tiza, a 30 MWp operating solar PV asset located in the south of Spain. Tiza benefits from a recently signed, 6.5 year fixed price Power Purchase Agreement with Axpo Iberia, a subsidiary of Axpo Solutions, which covers 70% of P50 production.
  • Schroder REIT (SREI) has sold Southlink, a 26,975 sq ft single let industrial asset in Portsmouth, for £6.5m. The price is a premium to the March 2022 valuation of £4.9m and reflects a net initial yield of 3.2%. The asset produces a net rent of £225,000 per annum with a lease term of 2.4 years. Based on the disposal price, the asset has generated an ungeared total return of 13.2% per annum since acquisition.

We also have investments by ICG Enterprise, full year results from SDCL Energy Efficiency Income, Civitas Social Housing and Chelverton UK Dividend, and half year figures from Chrysalis Investments

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