Fixed rate note borrowing
RIT Capital Partners plc
Fixed rate note borrowing
14 May 2015
RIT Capital Partners plc (the "Company") has recently agreed to issue £151 million of fixed rate private placement notes ("the Notes"). The Notes will have tenors of 10, 15 and 20 years with a weighted average of approximately 16 years. They will be unsecured and pay fixed interest semi-annually at annualised coupons of between 3.00% and 3.56%, with a weighted average of 3.45%.
The Notes were priced on 22 April 2015 and the funding date is expected to be 1 June 2015.
This transaction will provide fixed rate, long dated, Sterling denominated financing at a pricing level that the Company considers attractive, and which is expected to enhance long-term investment performance.
The proceeds will be used to repay existing floating rate, short-term credit facilities and as a result of the transaction, the total drawn borrowings of £400 million are not expected to change. The weighted average interest payable on all borrowings following the transaction is expected to be approximately 2.36%.
J.P. Morgan Cazenove acted as sole placement agent.
Enquiries:
Brunswick Group LLP
Tom Burns: 020 7404 5959
J.P. Morgan Cazenove
William Simmonds: 020 7742 4000
This information is provided by RNS
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