British Empire Trust PLC Issue of Euro 20m fixed rate notes (3691T)
October 11 2017 - 11:31AM
UK Regulatory
TIDMBTEM
RNS Number : 3691T
British Empire Trust PLC
11 October 2017
BRITISH EMPIRE TRUST PLC (the "Company")
Issue of EUR20m 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 EUR20 million (equivalent to approximately
GBP17.9 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 GBP71.6 million to GBP89.4 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
fiona@quillpr.com
Andreea Caraveteanu
Tel: 020 7466 5059 / 07902 142991
andreea@quillpr.com
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
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