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Regulatory News


Half-year Report

Thu, 7th Dec 2017 15:50


RNS Number : 7387Y
Sequoia Economic Infra Inc Fd Ld
07 December 2017



SEQUOIA ECONOMIC INFRASTRUCTURE INCOME FUND LIMITED

INTERIM REPORT

CONTINUED PORTOLIO GROWTH AND PERFORMANCE

Sequoia Economic Infrastructure Income Fund Limited ("the Company") today announces its Interim Results for the period from 1 April 2017 to 30 September 2017.

HIGHLIGHTS

The Company raised net proceeds of 157.4 million in May 2017 through an Open Offer, Placing and Offer for Subscription

Annualised portfolio yield-to-maturity of 8.1% as at 30 September 2017

Annualised dividend yield of 6.0% of original issue price for the period

Diversified portfolio of 53 investments made across 8 sectors, 25 sub-sectors and 8 jurisdictions

o 73% of investments in higher yield private debt

o 57% floating rate investments, capturing short-term rate rises

o Attractive weighted average maturity

Strong pipeline of potential investments of mostly private debt infrastructure lending opportunities across a range of sectors and regions

A number of loan investments expected to prepay in the third quarter of this financial year, with the proceeds rapidly redeployed

Multi-currency Revolving Credit Facility of 100 million from The Royal Bank of Scotland International Limited and ING Bank and Investec

Financial Highlights at 30 September 2017

Total net assets

757,048,635

Net Asset Value ('NAV') per Ordinary Share *

101.24p

Ordinary Share price *

112.80p

Ordinary Share premium to NAV

11.4%

* Cum dividend

Robert Jennings, Chairman of the Company, said:

"The Board is pleased with the progress of the Company in the first half. We are close to being fully invested, having deployed most of the funds from our successful 160 million capital raise in May and we have a strong pipeline of further opportunities.

"The balance of floating rate and shorter term fixed investments means that the portfolio is well positioned to benefit from a rising interest rate environment. We remain confident in the Investment Adviser's ability to grow the portfolio and source high quality, cash generative economic infrastructure debt investment opportunities that will enable us to maintain portfolio yield at 8% or higher and an annual dividend of 6p per share."

Click on, or paste the following link into your web browser to view the Interim Report:

[RNS TO INSERT HYPERLINK HERE]

-END-

LEI:2138006OW12FQHJ6PX91

For further information please contact:

Sequoia Investment Management Company

Steve Cook

Dolf Kohnhorst

Randall Sandstrom

Greg Taylor

+44 (0)20 7079 0480

Stifel Nicolaus Europe Limited

Neil Winward

Mark Bloomfield

Gaudi Le Roux

+44 (0)20 7710 7600

Tulchan Communications (Financial PR)

James Macey White

Martin Pengelley

Elizabeth Snow

+44 (0)20 7353 4200

Praxis Fund Services Limited (Company Secretary)

Shona Darling

+44 (0) 1481 755528

About Sequoia Economic Infrastructure Income Fund Limited

The Company seeks to provide investors with regular, sustained, long-term distributions and capital appreciation from a diversified portfolio of senior and subordinated economic infrastructure debt investments. The Company is advised by Sequoia Investment Management Company Limited.


This information is provided by RNS
The company news service from the London Stock Exchange
END
IR LLFSEFALDIID





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