Sequoia secures £100 million three-year multi-currency revolver

By Sarah Lizee

Olympia, Wash., Dec. 6 – Sequoia Economic Infrastructure Income Fund Ltd. secured a £100 million three-year multi-currency revolving credit facility on Wednesday, according to a filing with the London Stock Exchange.

Royal Bank of Scotland International Ltd. acted as lead arranger with ING Bank and Investec as co-arrangers.

Borrowings bear interest at Libor plus 210 basis points, and there is an arrangement fee in addition to a commitment fee on the undrawn portion of the revolver.

There is a £50 million incremental accordion tranche.

The facility will be used for working capital purposes and to fund investments.

The company said it also repaid its existing £40 million secured loan with JP Morgan Chase Bank NA in full.

Sequoia is a Guernsey, United Kingdom-based investment fund focused in the areas of transport, transportation equipment, utilities, power, renewable energy and telecommunications infrastructure.

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