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QuotedData’s morning briefing 9 March 2023

US Solar Fund

In QuotedData’s morning briefing 9 March 2023:

  • US Solar Fund (USF) says its board and its advisers have engaged with a significant number of parties and, following receipt of indicative proposals, have shortlisted several parties who have proceeded to the next phase of its strategic review process. In order to provide the shortlisted parties with enough time to finalise their due diligence and submit binding proposals, the board now expects to update shareholders on the outcome of the strategic review within the next six to eight weeks – i.e. beyond the original deadline of Q1 2023. The board will also let shareholders know what it plans to do with the $53.2m of sale proceeds from the sale of US Solar’s 50% stake in Mount Signal 2 at that time.
  • Seraphim Space (SSIT) still has £40.9m of cash (as at end 2022). It says its pace of deployment has been moderated to provide sufficient funding reserves to support existing portfolio and selective new investments. Two follow-on investments in existing portfolio companies are in advanced negotiations. The NAV at end 2022 was 92.7p, down 7.2% in six months.
  • Tetragon Financial (TFG) is planning a $25m tender offer for its shares on a modified Dutch auction basis (where sellers bid the price that they are prepared to sell shares at and the transaction clears at the lowest price). The indicative range is $9.25 to $11.00 per share. The plan is that the actual tender price will be announced on 11 April.
  • Land Securities (LAND) has launched a £400m Green Bond with a maturity of 9.5 years, paying a coupon of 4.875%. The transaction would help the company to deliver its pipeline of central London office and mixed-use development opportunities. The impact on LAND’s financing metrics would be an increase in cash and undrawn committed facilities to £2.5bn; an increase in the weighted average cost of debt by 20 basis points (0.2%) from 2.7%; an increase in the proportion of debt that is fixed or hedged to 98%; and an increase in the weighted average maturity of debt increases by 0.7 years, from 9.8 years.

We also have results from Oakley Capital, Digital 9 Infrastructure, F&C and Alliance Trust, plus news from the AGM at Henderson Opportunities

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