Information  X 
Enter a valid email address

British Empire Trust (BTEM)

  Print      Mail a friend       Annual reports

Wednesday 11 October, 2017

British Empire Trust

Issue of Euro 20m fixed rate notes

RNS Number : 3691T
British Empire Trust PLC
11 October 2017
 

BRITISH EMPIRE TRUST PLC (the "Company")

 

Issue of €20m fixed rate notes

 

British Empire Trust plc announces that it has agreed to issue fixed rate 20 year unsecured private placement notes (the "Notes") to obtain fixed rate, long-dated Euro denominated financing at a price that the Company's Directors and Investment Managers, AVI, consider to be attractive. This is expected to enhance long-term investment performance, reflecting the view of both parties that current market conditions continue to offer significant opportunities for the Company's investment approach.

 

The issue will be €20 million (equivalent to approximately £17.9 million at today's exchange rate) at an interest rate of 2.93%.

 

The funding date is expected to be 1 November 2017 and the Notes are due to be repaid on 1 November 2037. The semi-annual interest payment dates will be 1 May and 1 November.

 

The Notes will be unsecured. There has been no change in the Company's formal policy on gearing, as set out on page 36 of the 2016 Annual Report. Total fixed rate borrowing, including the Notes, will increase from £71.6 million to £89.4 million following completion of this transaction and, based on the latest net asset value, debt will be some 9.6% of net assets.

 

 

Enquiries:

 

Asset Value Investors

Joe Bauernfreund

Tel: 020 7659 4800

 

 

Quill PR

 

Fiona Harris

Tel: 020 7466 5058 / 07792 523455

[email protected] 

 

Andreea Caraveteanu

Tel: 020 7466 5059 / 07902 142991

[email protected] 

 

 

11 October 2017

 

 

The information contained within this announcement may constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014.

 

 

 

LEI: 213800QUODCLWWRVI968

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
IODLLFLRIALLLID

a d v e r t i s e m e n t