Debt Facility - Replacement

RNS Number : 5399U

Standard Life Invs Property Inc Tst

22 December 2011

 



The following amendment has been made to the 'Debt Facility' announcement released on 22-12-11 at 14.15 under RNS No 5194U.

In the first paragraph the word 'President' should have read 'Precedent'.

All other details remain unchanged.

The full amended text is shown below.

To:                    Company Announcements

Date:                22 December 2011

Company:         Standard Life Investment Property Income Trust Limited

Standard Life Investments Property Income Trust is pleased to announce that it has signed a new 7 year debt facility with RBS subject to completion of standard conditions precedent.

The existing facility with RBS is due to expire in December 2013 and totalled £84.4m. The new facility will be drawn down in January with hedging arrangements agreed to mitigate interest rate risk over the life of the loan.

The new facility is on attractive terms for the Company, and the exact rates will be confirmed in January when the full £84.4m is drawn down. The Company will maintain its existing hedge of £72m until December 2013. As at 30 September 2011 the hedge had a fair value liability of £6.9m, and this will trend to £0 over the next 24 months, adding 5p to the NAV per share. The Company intends to enter into a forward hedge for the remaining 5 years of the facility on the £72m, and will also enter into a 7 year swap on the remaining £12.4m drawn down.

Jason Baggaley, fund manager of the Standard Life Investments Property Income Trust, said " We have always enjoyed a close working relationship with RBS, and are delighted to have been able to agree this new facility well in advance of the expiry of our current facility."

All enquiries:

The Company Secretary

Northern Trust International Fund Administration Services (Guernsey) Limited

Trafalgar Court

Les Banques

St Peter Port

Guernsey

GY1 3QL

Renee McIver

Tel:       [phone]

Fax:      [phone]

Jason Baggaley, Standard Life Investments (Corporate Funds) Limited

Tel: [phone] 

Gordon Humphries, Standard Life Investments (Corporate Funds) Limited

Tel: [phone]

 

END

 

 

MSCFMMZZVZRGMZM