Private Placement of Yen Debt
LONDON STOCK EXCHANGE ANNOUNCEMENT
JPMORGAN JAPANESE INVESTMENT TRUST PLC
Legal Entity Identifier: 549300JZW3TSSO464R15
Information disclosed in accordance with Market Abuse Regulation Article 19
Private Placement of Yen Debt
The Board of the Company announces that it has completed the sale of Y13bn of Senior Secured Notes (the "Notes") at an average annualised interest rate of 1.10%.
The notes have been placed in five tranches:
(i) ¥2,000,000,000 in aggregate principal amount of its 0.76% Series A Senior Secured Notes due 2nd August 2028;
(ii) ¥2,500,000,000 in aggregate principal amount of its 0.95% Series B Senior Secured Notes due 2nd August 2033;
(iii) ¥2,500,000,000 in aggregate principal amount of its 1.11% Series C Senior Secured Notes due 2nd August 2038;
(iv) ¥2,500,000,000 in aggregate principal amount of its 1.21% Series D Senior Secured Notes due 2nd August 2043 and
(v) ¥3,500,000,000 in aggregate principal amount of its 1.33% Series E Senior
Secured Notes due 2nd August 2048.
The net proceeds from the sale of the Notes will be used to repay elements of the Company's current indebtedness, namely the ¥9,000,000,000 term loan and ¥4,000,000,000 of the ¥11,000,000,000 revolving credit facility. Both of these existing facilities are provided by National Australia Bank.
There has been no change in the Investment Managers' permitted gearing range, as previously set by the Board, to limit gearing within the range of 5% net cash to 20% geared in normal market conditions.
Andrew Fleming Chairman, commented:
"We are pleased to be able to take advantage of current market conditions which have offered the opportunity to secure long term debt financing at rates below that paid on the Company's existing term loan and in yen so there is no currency mismatch with the Company's underlying assets."
2nd August 2018
For further information:
Faith Pengelly
JPMorgan Funds Limited 020 7742 4000
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.
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