In QuotedData’s morning briefing 17 April 2025:
- US Solar Fund (USF) says that it has secured $166m of new financing – $127m via a loan that amortises over 22 years and is hedged against moves in interest rates, $10.5m through a revolving loan (which replaces a $20m facility), and a $28m letter of credit. On the back of this, it feels comfortable upping its dividend from 2.25 cents to 3.5 cents per share. The overall gearing level as a percentage of gross assets will be 40%. That is 66.7% as a percentage of net assets.
- NB Private Equity (NBPE) says it has looked into the potential impact of Trump’s tariffs on its portfolio. It says “We believe that 14% of the portfolio’s fair value could be directly impacted by tariffs, with approximately 1% of fair value likely to be meaningfully impacted. This analysis only considers the direct impact from tariffs and not second-order impacts resulting from any potential economic slowdown. We continue to believe the portfolio’s emphasis on companies with lower expected cyclicality and/or long-term secular growth drivers, alongside reasonable leverage, generally positions it well.”
- Montanaro European (MTE) has published a circular to convene a meeting to approve the renewal of its share buyback authority and its biannual tender idea.
- Empiric Student Property (ESP) has completed the acquisition of Selly Oak Apartments in Birmingham for £9.0m. The 63-bed mixed studio and shared apartment scheme is located opposite its existing Selly Oak cluster and less than five minutes’ walk to the University of Birmingham. The company now has 430 beds in this cluster. The asset has been acquired fully-let for the 2024/25 academic year and is expected to deliver a yield in excess of 6% from September 2025, as well as offering the potential for unlevered IRRs over the next five years in excess of 10%. This is the second acquisition following the company’s equity fundraise in October last year and completes the deployment of proceeds that were earmarked for acquisition opportunities. The remaining funds have been allocated to its postgraduate refurbishment pipeline.
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