Sequoia Econ Infra - Refinancing of Revolving Credit Facility

Sequoia Economic Infrastructure Income Fund

18/07/2024 07:00

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RNS Number : 8332W  Sequoia Economic Infra Inc Fd Ld  18 July 2024

18 July 2024

Sequoia Economic Infrastructure Income Fund Limited

(the "Company" or "SEQI")

 

Refinancing of Revolving Credit Facility

The Board of SEQI, the specialist investor in economic infrastructure debt,
is pleased to announce that it has successfully refinanced the Company's
existing multi-currency Revolving Credit Facility of £325 million that was
due to mature on 12 November 2024.

The new £300m multi-currency Revolving Credit Facility ("RCF") is provided by
JPMorgan Chase Bank, N.A., London Branch (the "Lender"), has a three-year
tenor and benefits from a £50m optional accordion feature. The RCF has a
lower borrowing cost of 190 basis points over SONIA (or equivalent), compared
to 200 basis points over SONIA (or equivalent) on the prior facility. An
arrangement fee will be payable upfront in addition to a commitment fee on the
undrawn portion of the new RCF.

The RCF and the Accordion Facility (if exercised) provide the Company with
additional liquidity which will be used for working capital purposes and to
fund investments in accordance with the Company's investment policy.

The RCF is secured by, inter alia, a charge over the bank accounts of the
Company, a charge over the shares in Sequoia IDF Asset Holdings S.A. (the
"Subsidiary") held by the Company and a charge on the assets of the
Company. In accordance with the Company's Investment Policy, any borrowings
undertaken by the Company will not exceed 20 per cent. of the value of the
assets of the Company less its liabilities.

 

For further information please contact:

 Sequoia Investment Management Company                                       +44 (0) 20 7079 0480

 Steve Cook

 Dolf Kohnhorst

 Randall Sandstrom

 Anurag Gupta

 Jefferies International Limited (Corporate Broker & Financial Adviser)      +44 (0) 20 7029 8000

 Gaudi Le Roux

 Teneo (Financial PR)                                                        +44 (0) 20 7353 4200

 Martin Pengelley

 Elizabeth Snow

 Sanne Fund Services (Guernsey) Limited (Company Secretary)                  +44 (0) 20 3530 3107

 Matt Falla

 Devon Jenkins

 

About Sequoia Economic Infrastructure Income Fund Limited

The Company is a Guernsey registered closed-ended investment company that
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.

LEI: 2138006OW12FQHJ6PX91

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