Lowland Investment Co PLC Fixed Rate Borrowing (7489Q)
02 December 2016 - 3:22AM
UK Regulatory
TIDMLWI
RNS Number : 7489Q
Lowland Investment Co PLC
01 December 2016
HENDERSON INVESTMENT FUNDS LIMITED
LOWLAND INVESTMENT COMPANY PLC
1 December 2016
LOWLAND INVESTMENT COMPANY PLC
Fixed Rate Borrowing
Lowland Investment Company plc ("Lowland" or the "Company") has
agreed to issue GBP30m in senior unsecured fixed rate private
placement notes (the "Notes") at an annualised coupon of 3.15% with
a 20 year bullet maturity. The funding date for the Notes will be 5
January 2017 and the Notes will be due for repayment on 5 January
2037. The semi-annual interest payment dates for the Notes will be
5 July and 5 January.
The net proceeds from the Company's issuance of the Notes will
be used for investment and general corporate purposes, including
the repayment of short-term bank debt. There has been no change in
the Company's gearing policy.
The Company considers obtaining such Sterling denominated
financing on an unsecured basis at this price level and at a 20
year tenor to be highly attractive. Furthermore, the issuance of
the Notes has the advantage of balancing the maturity profile of
the Company's liabilities.
Enquiries
James Henderson/Laura Foll
Fund Managers
Lowland Investment Company plc
Telephone: 020 7818 4370/020 7818 6364
J.P. Morgan Cazenove
Corporate Broker
Tel: +44 (0)20 7742 4000
William Simmonds
Disclaimer
The Notes have not been and will not be registered under the
U.S. Securities Act of 1933, as amended (the "Act") and may not be
offered or sold in the United States absent registration or an
applicable exemption from the registration requirements of the Act.
This notice is for information only, does not constitute an offer
to sell or the solicitation of an offer to buy any security and
shall not constitute an offer, solicitation or sale of any
securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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