AGT Avi Global Trust Plc

TIDMAGT

RNS Number : 8520P

AVI Global Trust PLC

22 June 2022

AVI GLOBAL TRUST PLC

Legal Entity Identifier (LEI): 213800QUODCLWWRVI968

22 June 2022

PLANNED ISSUE OF JAPANESE YEN FIXED RATE DEBT

AVI Global Trust plc (the Company) has today entered into a preliminary agreement to issue Japanese Yen (JPY) 8bn fixed rate unsecured debt, for a term of ten years. Subject to final documentation, the annual interest rate on the debt will be 1.38%. The debt will be denominated in JPY and is equivalent to approximately GBGBP48million at current exchange rates.

The Company currently has in issue the following fixed rate debt:

GBGBP30m 4.184% Series A Sterling Unsecured Loan Notes, due 15 January 2036

EUR30m 3.249% Series B Euro Unsecured Loan Notes, due 15 January 2036

EUR20m 2.93% Series B Euro Unsecured Loan Notes, due 1 November 2037

In addition, the Company has a JPY12bn multi-currency revolving credit facility. There are no drawings under this facility at present. The Company is currently ungeared on a net basis (96% invested) and, following the issue of this new JPY fixed rate debt, will have available liquidity of GBP234m

Assuming that the debt issue proceeds as planned, the Company's weighted average interest on its fixed rate borrowings will be reduced to 2.70%, compared with 3.56% currently.

The Board expects to announce the completion of the necessary documentation within three weeks of the date of this announcement.

Commenting on the new financing, AVI Global Trust Chairman, Susan Noble, said:

"The Company's Board has taken the decision to put in place fixed rate borrowings in Japanese Yen at what it believes may prove to be an attractive rate of interest. Further, in light of the Company's substantial investments in Japanese companies, borrowing in Japanese Yen provides a natural hedge against exchange rate fluctuations."

   Enquiries:        Asset Value Investors Ltd 

020 7659 4800

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June 22, 2022 10:56 ET (14:56 GMT)

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