(Alliance News) - Sequoia Economic Infrastructure Income Fund Ltd on Monday said it intends to raise additional equity capital to repay debt and invest in a strong pipeline of investment opportunities.
The economic infrastructure debt investor said that it had used GBP224 million of its GBP280 million revolving credit facility as at the end of 2019, as well as cash of GBP55.8 million, resulting in net leverage of GBP168.2 million. Sequoia also said it had undrawn commitments on existing investments valued at GBP92.7 million.
The company said the proceeds from the planned equity raise will be used to repay outstanding debt under its revolving credit facility as well as to take advantage of a "strong pipeline of available investment opportunities meeting its investment criteria".
Sequoia shares were down 1.9% at 116.40 pence each on Monday morning in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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Sequoia Economic Infrastructure Fund (SEQI)