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QuotedData’s morning briefing 22 May 2023

  • Cordiant Digital Infrastructure Limited (CORD), an operationally focused investor in the core digital infrastructure that enables modern communications and the internet, announced that the portfolio company, České Radiokomunikace has signed customer agreements to broadcast three new channels. The team at Cordiant Capital Inc, CORD’s investment manager, supported CRA in the signing of these exciting new revenue-generating agreements. They were made possible by CRA’s investment over the past few years in the latest generation of broadcast technology, DVB-T2, which has created more capacity to be sold for new channels in CRA’s broadcast infrastructure.
  • HICL Infrastructure (HICL) announced the successful private placement of £150m of loan notes by its corporate subsidiary, Infrastructure Investments LP. Proceeds of the issue will be used to reduce the existing drawings on the group’s revolving credit facility. The notes will convert the equivalent drawing on the RCF into a longer maturity and fix the all-in interest rate cost at a level below that currently payable on the RCF.
  • Marble Point Loan Financing Limited (MPLF) amended certain provisions of its credit agreement with City National Bank. Amendments to the credit agreement include an extension of the scheduled maturity date to 20 May 2024, a revised total commitment of $9,000,000, and a newly agreed upon amortisation schedule of at least $250,000 quarterly. As at 18 May 2023, outstanding borrowings on the company’s revolving credit facility total $7,929,240.
  • JPMorgan Global Growth & Income (JGGI) announced that it intends to delist from the New Zealand Stock Exchange with effect from 23 June 2023.
  • Ediston Property Investment Company (EPIC) has posted a 15.3% drop in NAV in the six months to 31 March 2023. This was largely due to an 11.7% fall in the value of its property portfolio of retail parks to £204.3m, as higher interest rates impacted values across the real estate sector. NAV total return for the period (including dividends of 2.5p) was -12.6%. Earnings per share was 1.68p. The company’s loan to value ratio was 39.1%, with a blended ‘all-in’ fixed rate of 2.9%. It had £47.7m of cash for investment and operational purposes and a further £31.2m of cash held in its debt facility. The board provided an update on its strategic review stating it had engaged with a number of interested parties. It said that it expects to provide an update to shareholders early in the third quarter of 2023.

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