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QuotedData’s morning briefing 23 January 2023

QuotedData's Morning briefing

In QuotedData’s morning briefing 23 January 2023:

  • Riverstone Credit Opportunities Income (RICO) has announced that its investment managers have executed a new $28.6m sustainability-linked, first lien term loan to a subsidiary of Max Energy Industrial Holdings,  having committed $5.0m on 30 December 2022. Max energy is developing the first carbon-neutral crude oil export terminal on the Gulf Coast of Texas which it believes will lead to increased market share as crude consumers globally seek to reduce their overall carbon footprint. The first lien floating rate term loan has a maturity of 3 January 2024, with annual renewals for a maximum of 3 years in total, and a cash coupon paid of SOFR+650 bps. With this new investment, RCOI has committed 102% of its assets and is approaching full investment following a draw on its recently announced revolving credit facility.
  • US Solar Fund (USF) has announced that MN8 Energy LLC, a renewable energy business, has exercised its purchase option over USF’s 50% interest in the 200MWDC Mount Signal 2 (MS2) asset. The option gives MN8 the right to acquire USF’s 50% interest in MS2 for US$52.2m excluding working capital plus a non-refundable Option fee of $1m. USF’s total proceeds will be $53.2m and will imply a gross return of approximately 11% per annum. USF expects to execute binding sale documents in the first quarter of 2023, with financial close in the second quarter of 2023 subject to customary regulatory and financier consents.
  • Primary Health Properties (PHP) has acquired Axis Technical Services Limited, an Irish property management business, and signed a long-term development pipeline agreement providing access to a pipeline of future primary care projects in Ireland. Axis Technical Services currently manages a portfolio of over 30 properties, including the majority of PHP’s Irish portfolio. PHP said the acquisition gives it a permanent presence “on the ground” which “further strengthens its position in the country and relationship with the Health Service Executive (HSE), Ireland’s national health service provider”. As part of the acquisition, PHP has signed a Development Pipeline Agreement with Axis Heath Care Assets Limited, a related company owned by the selling shareholders, which gives the group the option to acquire Axis’s development pipeline over the next five years. It has a pipeline of projects with an estimated gross development value of €50m.

We also have news of an acquisition by Urban Logistics REIT

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