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QuotedData’s morning briefing 31 October 2022

221031 RICO H&W

In QuotedData’s morning briefing for 31 October 2022:

  • Riverstone Credit Opportunities Income (RCOI) has announced an upsize of its investment in Harland & Wolff Group Holdings PLC (“Harland & Wolff”),which focuses on strategic infrastructure projects and physical asset lifecycle management across five core industries: renewables, oil & gas, defence, cruise & ferry and commercial. In March 2022, RCOI committed $12m to a first lien loan for Harland & Wolff as part of a $35m funded facility led by Riverstone Credit Partners. On 17 October 2022, the loan was upsized  by a further $15 million with RCOI contributing $1.4m. In aggregate, the loan size is now $56m of which $14.1m is committed by RCOI.
  • Princess Private Equity (PEY) has reported a net asset value increased by 1.0% to EUR 14.27 per share, total NAV at EUR 986.7m. This upwards valuation is primarily the result of currency movements, which contributed +2.1%, whereas portfolio developments detracted -0.7%.PEY made two investments in September, a EUR 17.4m was invested in Foundation Risk Partners, a specialist insurance broker in the US. EUR 8.8m was also invested invested into Accell Group, a Netherlands based manufacturer of bicycles and bicycle parts and accessories.
  • The board of Taylor Maritime Investments (TMI) has announced that Frank Dunne has been appointed as a non-executive director and senior independent director of the company with immediate effect. Frank brings a wealth of legal experience from an extensive career with the Maritime team at Watson Farley Williams (WFW), the specialist maritime, aviation and energy law firm, working on a broad range of ship finance work, investment transactions, restructurings, public market transactions and listings. Frank served as chairman of WFW from 2004 to 2017.
  • Aquila European Renewables Income Fund has resolved to change its registered name to “Aquila European Renewables plc”, in order to maximise the appeal of the trust across a broader range of investors and other stakeholders. Its ticker, AERI, remains unchanged.
  • Balanced Commercial Property Trust (BCPT) reports that its NAV has fallen 6.1% in the quarter to 30 September to 139.6p per share. This represents a -5.2% NAV total return for the period. It is one of the first signs of tangible property valuation declines as the market suffers from a lack of investment as interest rates rise. The group’s portfolio fell 5.4% overall with its industrial properties witnessing a 12% drop in value (a 65 basis points yield move). The group’s largest assets, St Christopher’s Place in central London, saw a slight increase in value by 0.3%, as activity and footfall continued to improve with the return of office workers and tourist visits. The group has a loan to value (LTV) of 20%, with its £260m loan with L&G maturing in December 2024 and a £50m loan with Barclays (and £50m revolving crediting facility) expiring in July 2023, with the option of a one-year extension.

We also have news of battery investments by Gore Street Energy Storage and NextEnergy Solar, an investment by Schroder UK Public Private, and results from Volta Finance

Written By David Johnson

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