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

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