In QuotedData’s morning briefing for 06 February 2023:
- Riverstone Energy Limited (REL) has announced a $12.5m commitment to Our Next Energy’s (ONE) $300m Series B round, valuing the company at over $1bn. ONE is a Michigan-based energy storage technology company working to develop batteries for mobility and large-scale storage applications.
- 3i Infrastructure (3iN) has announced a proposed share placing at a price of 330p per share. This would represent a 3.1% premium to the company ex-dividend net asset value per share as at 30 September 2022, and a 3.4% discount to the closing price on 3 February 2023. The placing is expected to close at 12.00 p.m. on 9 February 2023, with the share eligible for the final dividend of the current financial year. 3iN intends to use the proceeds of the placing to increase the company’s liquidity in order to meet future investments and pay down its outstanding revolving credit facility.
- ICG Enterprise Trust (ICGT) announced the realisation of Endeavor Schools. As of 31 October 2022, Endeavor was ICGT’s 2nd largest company exposure and accounted for 2.8% of the trust. The deal represents a strong return on investment for ICGT, but the full commercial terms have not been publicly disclosed.
- The board of The Renewable Infrastructure Group (TRIG) has announced that TRIG has refinanced and increased its multi-currency revolving credit facility (RCF). The renewed RCF of £750m has been made available to TRIG for a three-year committed term expiring 31 December 2025 at improved pricing compared to the previous £600m facility. The RCF is currently £413m drawn.
- Balanced Commercial Property Trust (BCPT) has reported a decrease in NAV of 15.1% to 118.5p per share in the quarter to 31 December 2022. Portfolio capital value fell 11.9% over the quarter on a like-for-like basis, driven by market yield movement, to £1,097.1m. The group’s industrial assets (28.9% of the portfolio) fell 18% with a 117 basis point (1.17%) equivalent yield shift. The company’s largest asset, St Christophe’s Place, fell in value by just 1%. The company said: “The early stages of 2023 have seen an improvement in sentiment as investment activity has picked up and pricing for core assets within the industrial, retail warehousing and student sub-markets in particular have begun to show initial signs of stabilisation. Furthermore, occupational markets have remained resilient, as evidenced by the reduction in the portfolio void rate from 6.4% to 5.9% by estimated rental value.”