The listed funds team at CMS has advised on the launch of four fundraisings for listed funds targeting aggregate raises of over £1.6 billion in the past 10 days.
Sequoia Economic Infrastructure Income Fund (SEQI)
CMS is advising new client, £900 million market cap, main market listed Sequoia Economic Infrastructure Income Fund Limited on its placing, open offer and offer for subscription to raise up to £200 million and subsequent share issuance programme which has the ability to issue a further 250 million shares (with an implied value at the current issue price of £265 million). The funds will be used to repay existing revolving credit facilities and invest in further opportunities in line with the company’s investment policy.
Triple Point Social Housing REIT (SOHO)
CMS is also advising Canaccord Genuity as sponsor, bookrunner and joint financial adviser and Akur as joint financial adviser on Triple Point Social Housing REIT plc on its placing, open offer and offer for subscription to raise a target £100 million (which may be increased to £150 million) and subsequent share issuance programme in respect of up to a further 150 million shares (with an implied value at the current issue price of £154 million). The funds will be used to invest a pipeline of assets in accordance with the Company’s investment policy.
Blue Ocean Maritime Income (BMAR)
CMS is advising J.P. Morgan Cazenove as sole bookrunner on the IPO of Blue Ocean Maritime Income. BMAR is seeking to raise $250m at IPO to provide debt financing to small and medium sized, privately-owned shipping companies, predominantly on a senior basis.
M&G Credit Income Investment Trust PLC (MGCI)
CMS is advising Winterflood Investment Trusts as sole sponsor and bookrunner on the over £250 million IPO of M&G Credit Income Investment Trust PLC and subsequent placing programme for up to a further 400 million shares (with an implied value at the current issue price of £400 million). MGCI will invest in a diversified portfolio of public and private credit opportunities.
The CMS teams were led by Head of Listed Funds, Cathy Pitt, and Head of ECM, Alasdair Steele, assisted by senior corporate associate Harriet Serpis and associates Jennifer Gray and Brett Mendonca.
Commenting on the fundraisings, Head of Listed Funds Cathy Pitt said:
“Following the summer period, the listed funds market has come back in earnest with a number of fundraisings announced. These latest fundraisings highlight the confidence which funds and investors see in the UK listed funds market. The CMS team have been delighted to able to work with our clients on these significant transactions, further cementing our position in the listed funds space.”
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