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QuotedData’s morning briefing 11 October 2022

In QuotedData’s morning briefing 11 October 2022:

  • GCP Asset Backed Income (GABI) has been informed by Gravis Capital Management that David Conlon, the lead fund manager and member of its investment committee, has decided to leave Gravis and will be relinquishing responsibility for the management of the portfolio with effect from 10 October 2022. Joanne Fisk, who has worked with David as portfolio manager since joining Gravis in 2017 and has played a key role in identifying investments, leading negotiations, liaising with borrowers and overseeing portfolio development, remains in place. In addition, Gravis CEO, Rollo Wright, and Phil Kent, a director of Gravis, have assumed the role of joint portfolio managers, alongside Joanne. The board is in discussions with Gravis concerning finding a suitable replacement for David and further information in this respect will be announced in due course.
  • Riverstone Credit Opportunities (RCOI), has made a 16.6% realised IRR and 1.14x realised MOIC from a $12.5m loan it made to Circulus Holdings on 23 August 2021. Circulus is a producer of post-consumer (recycled) resin with a focus on plastics derived from recycled low-density polyethylene. The term loan was structured as a green loan in compliance with the LSTA Green Loan Principles  On 6 October 2022, Circulus Holdings refinanced this first lien term loan with a new source of growth financing resulting in a full exit for RCOI. This capital will now be redeployed.
  • VH Global Sustainable Energy Opportunities  (GSEO) has signed a 15-year CO2 offtake agreement for its first UK flexible power plant with carbon capture in Nottinghamshire, UK. The contract is a ‘take or pay’ offtake arrangement with Buse Gases Ltd – one of the global leading suppliers in the industrial and specialty gas markets – and will involve at least 85% of the food-grade CO2 that is captured on site. Food-grade CO2 has a 99.99% purity rating and can be used by the beverage industry to carbonate drinks amongst other applications. The price agreed by Buse is inflation-linked although the specific pricing terms remain confidential. This new revenue stream is in addition to the 15-year power purchase agreement in the original investment case for the asset and enhances the expected annual total return for the project to 8%.
  • abrdn European Logistics Income (ASLI) has announced that fund manager Evert Castelein has resigned. He will be replaced by Troels Andersen, who joined abrdn in April 2011 and is based in Copenhagen, Denmark, with immediate effect. Since 2019 Troels has been Fund Manager of abrdn’s multi-sector European Long Income Real Estate Fund, having successfully overseen its launch and which has a gross asset value of €150m. Prior to this he was Fund Manager of abrdn’s €500m gross asset value Aberdeen Property Nordic I Fund, together with a further segregated value-add mandate.
  • The Bank of England has broadened the range of bonds that it is prepared to buy as long-term borrowing costs continue to climb. The Bank noted weak pricing for index-linked gilts.

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