25th Jun 2019 10:01
(Alliance News) - Sequoia Economic Infrastructure Income Fund Ltd on Tuesday said its share issue was notably oversubscribed and exceeded the GBP216 million maximum.
On June 3, the economic infrastructure debt investor said it planned to raise GBP216 million from an open offer, placing and offer for subscription at 108 pence each.
Given the over-subscription, Sequoia Economic Infrastructure has undertaken "a scaling back exercise". The maximum 200.0 million new shares will be issued, with 127.5 million issued under the open offer. The other 72.5 million shares will be issued under the placing and subscription offer.
Stifel Nicolaus Europe Ltd was sponsor, financial advisor, and bookrunner to the placing.
Once admission has taken place, Sequoia Economic Infrastructure will have 1.26 billion shares in issue.
Sequoia Economic Infrastructure Chair said: "We are delighted at the success of this issue. On behalf of the board, I would like to thank our existing shareholders and new investors for their support. The proceeds raised will be used to repay our [revolving credit facility] and grow our diversified portfolio through disciplined investment in a diversified pipeline of attractive economic infrastructure debt opportunities."
Shares in Sequoia Economic Infrastructure were up 1.7% at 111.90 pence on Tuesday morning.
Related Shares:
Sequoia Economic Infrastructure Fund