In QuotedData’s morning briefing 17 March 2025:
- Octopus Renewables Infrastructure Trust (ORIT) has extended the term of its revolving credit facility (RCF) from February 2026 to June 2028 and has significantly reduced the size of the facility from £270.8m to £150m. The updated RCF continues to be provided by ORIT’s four existing RCF lenders: National Australia Bank, NatWest, Santander and Allied Irish Banks, with a commitment of £37.5m from each. The uncommitted accordion feature has also been reduced from £150m to £100m. ORIT says that other terms of the RCF – including the margin of 200bps above SONIA – remain unchanged. The RCF includes a commitment fee of 0.7% per year on undrawn amounts, and the reduction in size will therefore result in a cost saving of approximately £850,000 per year. ORIT recently paid down a portion of its RCF from £151.2m to £52.7m, using the proceeds of the new five-year term facility that was announced on 28 February 2025.
- Fair Oaks Income Limited (FAIR) has announced that the FOMC III LP (Master Fund III) has entered into a binding contract to acquire, in the primary market, US$22.2m notional of equity notes in Allegro XIX, a new CLO backed by a portfolio of US broadly syndicated senior secured loans. The manager of the CLO’s portfolio is Axa Investment Management, which is a global investment firm with over €184 billion assets under management. Fair says that the Allegro XIX target portfolio has a principal value of US$400m across an expected 282 unique bank loan issuers, with an expected weighted average exposure per issuer of approximately 0.33%. The potential total return for the investments, as estimated by the general partner of Master Fund III, is between 16% and 21% per annum.
- Invesco Perpetual UK Smaller Companies has confirmed that its name has been changed to Artemis UK Future Leaders and its stock market ticker will become AFL as of 8am today (17 March 2025). The trust’s ISIN, SEDOL, and CUSIPs will remain unchanged and its Legal Entity Identifier (LEI) remains 549300K1D1P23R8U4U50. The trust reminds shareholders that their shareholdings will be unaffected by the change of name and that existing share certificates should be retained as they will remain valid for all purposes (no replacement share certificates will be issued).
We Also have:
Foresight courts Harmony Energy Income with possible cash offer at 84p per share
Schroder British Opportunities proposes to switch focus to private investments
Bellevue Healthcare’s board focused on improving performance
Schroders Capital Global Innovation’s Araris Biotech sold to Taiho Pharmaceutical
Pershing Square delivers solid 2024 returns despite market headwinds
Stories you may have missed from Friday:
HgCapital invests £4.8m in Scopevisio to fund DACH expansion
