Repayment of Debt

RNS Number : 6293F

Invista Foundation Property Tst Ltd

15 January 2010

 

15 January 2010

Invista Foundation Property Trust Limited 

(the 'Company' / 'Group')

REPAYMENT OF DEBT

Further to Invista Foundation Property Trust's announcement on 27 November 2009 of its interim results in which it announced the actions it was going to take to improve income and dividend cover without a material increase in net gearing, the Company today announces that it has repaid £40 million of debt at par, as planned.  The only cost associated with the debt repayment is a swap break cost of £3.95 million.  

Following the debt repayment the Company has on-balance sheet securitised borrowings of £173.5 million at an average interest rate of 5.69% per annum. The debt repayment increases the Company's net income by approximately £2.1 million per annum and underpins the strategy of increasing income and dividend cover. 

-ENDS-

For further information:

Invista Real Estate Investment Management Duncan Owen	020 7153 9300
Northern Trust David Sauvarin	01481 745529
Financial Dynamics Dido Laurimore / Rachel Drysdale	020 7831 3113

 

END

 

 

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