LONDON (ShareCast) - (Sharecast News) - Sequoia Economic Infrastructure Income Fund (SEQI) announced the successful refinancing of its existing multi-currency revolving credit facility (RCF) of £325m on Thursday, which was due to mature on 12 November.
The FTSE 250 firm said the new RCF, provided by JPMorgan Chase Bank London Branch, was valued at £300m and included a £50m optional accordion feature.

It said the facility had a three-year tenor and a reduced borrowing cost of 190 basis points over SONIA, compared to 200 basis points over SONIA for the previous facility.

An upfront arrangement fee and a commitment fee on the undrawn portion of the new RCF would be payable.

The board said the refinancing provided SEQI with additional liquidity for working capital and investment funding in line with its investment policy.

It said the facility was secured by charges over the company's bank accounts, shares in its subsidiary Sequoia IDF Asset Holdings, and its assets.

SEQI's borrowings would continue to adhere to its investment policy, which limits borrowings to no more than 20% of the value of the company's assets minus its liabilities.

At 1229 BST, shares in Sequoia Economic Infrastructure Income Fund were up 1.85% at 82.8p.

Reporting by Josh White for Sharecast.com.

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