Sequoia Economic Fully Deploys Revolving Credit Facility

LONDON (Alliance News) - Sequoia Economic Infrastructure Income Fund Ltd said Friday it has ...

Alliance News 10 August, 2018 | 5:12PM
Email Form

LONDON (Alliance News) - Sequoia Economic Infrastructure Income Fund Ltd said Friday it has fully deployed the proceeds of its existing GBP100 million multi-currency revolving credit facility.

Sequoia Economic will now resolve to exercise the GBP50 million incremental accordion tranche of the revolving credit facility through a lending group compromising the Royal Bank of Scotland International Ltd, Macquarie Bank, ING and Investec.

The tenor of the accordion will be roughly just over two years, starting from August 9, with a borrowing cost of 210 basis points over libor.

The resolving credit facility and accordion will be used for working capital purposes and to fund investments.

Shares in Sequoia Economic closed down 0.9% Friday at 112.00 pence each.

By Paul McGowan; paulmcgowan@alliancenews.com

Copyright 2018 Alliance News Limited. All Rights Reserved.

Email Form
Securities Mentioned in Article
Security Name Price Change (%) Morningstar
Rating
Sequoia Economic Infrastructure Inc Ord 110.50 GBX 0.00 -
About Author Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.