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QuotedData’s morning briefing 14 August 2023

In QuotedData’s morning briefing 14 August 2023

  • SEED Innovations has announced that it has made a further £216,000 investment into Clean Food Group, which offers sustainable oils and fats solutions. This investment is part of a £2.3m fundraise by Clean Food Group to accelerate its growth. This funding round will value Clean Food Group at £22.3m, with SEED owning 5.8% of its share capital.
  • Shaftesbury Capital (SHC) has agreed a new £200m loan with Aviva Investors for a 10 year term secured against a portfolio of assets within the Carnaby estate in London’s West End. The facility will sit alongside existing debt with Aviva Investors of £130m and £120m, which mature in 2030 and 2035 respectively and share in the asset security of the Carnaby estate. The additional financing has been priced with reference to 10-year UK gilt yields and when blended with the existing Carnaby term loans, the annual cash interest rate in respect of the overall amount of £450m of secured term loans with Aviva Investors will be 4.7%. The proceeds of the facility will be used to repay in part the £576m unsecured loan which was drawn in April 2023 to fund the repayment of the Shaftesbury PLC secured bonds. As a result, the weighted average maturity of drawn debt will be extended to five years and the weighted average cost of debt will be 4.2%, which reduces to an effective cash cost of 3.3% after taking into account the interest income on cash deposits and the benefit of interest rate hedging.

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