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GCP Sovereign Infrastructure Debt : GULF – interim management statement

GCP Sovereign Infrastructure Debt has released its IMS covering the period from 19 December 2013 to 15 May 2014. Normally we don’t bother to comment on these but in this case it is interesting that GCP Sovereign Infrastructure Debt has failed to conclude any investments since launch – they say down to an unfamiliarity of the local borrowers and their advisers with the structure of the debt that the fund is seeking to supply.

GCP Sovereign Infrastructure Debt says the plan to pay an initial 5p dividend for its first financial year has been replaced by an estimate of 3p to 4p. nevertheless the Board feels comfortable reiterating its long term ambition of paying the higher of LIBOR +6% or 7%.

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