HIGHLIGHTS
· The Company raised net proceeds of £157.4 million in May 2017 through an Open Offer, Placing and Offer for Subscription
· Annualised portfolio yield-to-maturity of 8.1% as at 30 September 2017
· Annualised dividend yield of 6.0% of original issue price for the period
· Diversified portfolio of 53 investments made across 8 sectors, 25 sub-sectors and 8 jurisdictions
o 73% of investments in higher yield private debt
o 57% floating rate investments, capturing short-term rate rises
o Attractive weighted average maturity
· Strong pipeline of potential investments of mostly private debt infrastructure lending opportunities across a range of sectors and regions
· A number of loan investments expected to prepay in the third quarter of this financial year, with the proceeds rapidly redeployed
· Multi-currency Revolving Credit Facility of £100 million from The Royal Bank of Scotland International Limited and ING Bank and Investec
Financial Highlights at 30 September 2017
|
Total net assets |
£757,048,635 |
|
Net Asset Value ('NAV') per Ordinary Share * |
101.24p |
|
Ordinary Share price * |
112.80p |
|
Ordinary Share premium to NAV |
11.4% |
* Cum dividend
Robert Jennings, Chairman of the Company, said:
“The Board is pleased with the progress of the Company in the first half. We are close to being fully invested, having deployed most of the funds from our successful £160 million capital raise in May and we have a strong pipeline of further opportunities.
“The balance of floating rate and shorter term fixed investments means that the portfolio is well positioned to benefit from a rising interest rate environment. We remain confident in the Investment Adviser's ability to grow the portfolio and source high quality, cash generative economic infrastructure debt investment opportunities that will enable us to maintain portfolio yield at 8% or higher and an annual dividend of 6p per share.”