18th Jul 2024 11:43
(Alliance News) - Sequoia Economic Infrastructure Income Fund Ltd on Thursday said it will maintain its quarterly dividend amid the successfully refinancing of a loan facility.
The London-based income fund invests in various infrastructure sectors including transport, renewables, and accommodation.
For the second quarter that ended June 30, the fund declared a 1.72 pence per share dividend, unchanged from last year.
In addition, the company successfully refinanced an existing multi-currency credit facility of GBP325 million that was due to mature on November 12.
The new GBP300 million facility, provided by JPMorgan Chase Bank NA, benefits from lower borrowing costs and will last for three years.
It also features an option for the company to borrow an additional GBP50 million.
Sequoia EIIF said it will use the extra liquidity to fund investments and working capital requirements, and confirmed the company would not allow borrowing to exceed 20% of the value of assets, excluding liabilities.
Sequoia EIIF shares were up 1.6% to 82.56 pence each in London on late Thursday morning.
By Elijah Dale, Alliance News reporter
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