The top ranked investment funds team at Gowling WLG advised Stifel Nicolaus Europe Limited (“Stifel”) on the heavily oversubscribed open offer, placing and offer for subscription (the “Issue”) by Sequoia Economic Infrastructure Income Fund Limited (“SEQI”) – the specialist investor in economic infrastructure debt. Stifel acted as sole bookrunner in connection with the Issue.
Initially the Issue comprised a raise of £200 million but heavy demand saw the Issue extended to a raise of £253 million. Dealings in the new Ordinary Shares issued pursuant to the Issue on the Official List and to trading on the London Stock Exchange’s main market commenced on 12 October 2018.
The Gowling WLG team was led by partner John Reed. Commenting on the transaction, John Reed, said, “It was a pleasure to advise Stifel on one of the largest secondary fund raises in the listed fund sector this year. It is even more impressive that the Issue was concluded in the teeth of testing market conditions and an unprecedented number of other secondary issues and IPO’s looking for investors.”
Gowling WLG’s leading investment funds team (Tier 1 Legal 500) has a strong reputation in terms of closed end listed funds, advising issuers, investment houses and the banks and brokers that advise them. It brings together experts in tax, corporate, finance, regulatory and dispute resolution to provide a full legal service to its clients.
SEQI was advised by CMS Cameron McKenna Nabarro Olswang LLP.