Witan Investment Trust PLC Fixed rate note borrowing (0824O)
16 August 2017 - 1:34AM
UK Regulatory
TIDMWTAN
RNS Number : 0824O
Witan Investment Trust PLC
15 August 2017
15 August 2017
WITAN INVESTMENT TRUST plc
Legal Entity Identifier: 213800XMW68XFT6D1X59
Fixed rate note borrowing
Witan Investment Trust plc has today agreed to issue a GBP30m
fixed rate 37 year secured private placement note at a coupon of
2.74% (the "Note"). The purpose of this transaction is to obtain
fixed rate long dated Sterling denominated financing at a pricing
level that the Company considers attractive, and is expected to
enhance long term investment performance. There has been no change
in the Company's policy on gearing, as set out on pages 13 & 14
of the 2016 Annual Report.
The funding date is expected to be 1st November 2017 with
interest payable semi-annually. The principal repayment date will
be 1st November 2054. Total structural borrowings including the
Note will increase from GBP142m to GBP172m following completion of
this transaction. In the near-term, it is expected that the
proceeds will be mainly used to repay short-term borrowings
(currently GBP102m).
The weighted average interest payable on the Company's
structural borrowings will decrease from 4.6% to 4.3% as at the
date of funding.
J.P. Morgan Cazenove acted as sole placement agent.
For further information please contact:
Andrew Bell
Witan Investment Trust plc
Tel: 020 7227 9770
William Simmonds
J.P. Morgan Cazenove
020 7742 4000
This information is provided by RNS
The company news service from the London Stock Exchange
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