CMS advises Stifel Nicolaus Europe on a £125m placing, open offer and offer for subscription for Sequoia Economic Infrastructure Debt Fund

CMS’ Equity Capital Markets’ team is advising Stifel Nicolaus Europe (“Stifel”) as sole sponsor, financial adviser and bookrunner on a placing, open offer and offer for subscription to raise up to £160m, with a target of £125m, (before expenses) and potential placing programme which could raise up to a further £210m (before expenses and based on the placing price) for listed infrastructure fund Sequoia Economic Infrastructure Debt Fund (“Sequoia”).

Sequoia is raising further funds to take advantage of opportunities which its investment adviser continues to see in the infrastructure debt market. Sequoia’s board believes that the current opportunities available to its investment adviser will enable it to further diversify its existing portfolio and spread the fixed costs of running the company across a wider base, as well as increasing secondary market liquidity for investors.

Sequoia is a Guernsey-incorporated closed-ended investment company whose Ordinary Shares are traded on the main market of the London Stock Exchange. Its investment strategy is to provide shareholders with long-term distributions by owning debt exposures to economic infrastructure projects across a diversified range of jurisdictions, sectors and sub-sectors. Sequoia’s ordinary shares were admitted to trading on the main market of the London Stock Exchange on 3 March 2015, following a successful, oversubscribed IPO and it has since then raised in excess of £450m through two C Shares issues and a placing programme.

The CMS team is being led by Corporate partner Alasdair Steele assisted by senior Corporate associate Philippa Chatterton and associate Pauline Howcroft. Sequoia is being advised by Jones Day.

On 1 May, CMS UK, Nabarro and Olswang announced the completion of their transformational merger, creating the 6th largest law firm in the UK by revenue and 6th largest globally by headcount. Trading as CMS, and with 70 offices across 39 countries, the new firm blends scale with an exceptional depth of sector expertise, and is firmly positioned across the UK, with strong presence across Aberdeen, Bristol, Edinburgh, Glasgow, London, Manchester, Reading and Sheffield. Prior to the merger, legacy Nabarro advised Stifel on Sequoia’s IPO and subsequent fundraisings.