3 Apr 2018 07:00
3 April 2018
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SQN Asset Finance Income Fund Limited
Successful Completion of Restructuring of Snoozebox Investment
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SQN Asset Finance Income Fund Limited (the "Company" or "SQN"), the leading diversified equipment leasing fund listed in the UK announces that further to its update on 2 February 2018, SQN has successfully completed the restructuring of its investment in Snoozebox Limited ("Snoozebox).
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Following the transfer of ownership from the Administrator, Snoozebox has been sold to a new owner which is part of a well-capitalised group experienced in the wider modular accommodation sector and operating in the oil and gas industries.
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SQN has entered into a new operating lease, extending the term to 10 years with part fixed and part variable rentals. The Company's outstanding balance due from the Lessee is approximately £8.20m as at 26 January 2018. It is expected that the new lease will result in full amortisation of capital and payment of interest to the Company.
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SQN Capital Management, LLC
01932 575 888
Neil Roberts
Jeremiah Silkowski
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Winterflood Securities Limited
020 3100 0000
Neil Langford
Chris Mills
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Buchanan
020 7466 5000
Charles Ryland
Henry Wilson
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