AVI GLOBAL TRUST PLC
Legal Entity Identifier (LEI): 213800QUODCLWWRVI968
25 July 2024
Planned issue of Japanese Yen fixed rate debt
AVI Global Trust plc (the Company) has today entered into a
preliminary agreement to issue Japanese Yen (JPY) 5bn fixed rate
unsecured debt, for a term of fifteen years. Subject to final
documentation, the annual interest rate on the debt will be 2.28%.
The debt will be denominated in JPY and is equivalent to
approximately GB£25million at current exchange rates.
The Company currently has in issue the following fixed rate debt
(the “Notes”):
GB£30m 4.184% Series A Sterling
Senior Unsecured Loan Notes, due 15 January 2036
EUR30m 3.249% Series B Euro
Senior Unsecured Loan Notes, due 15 January 2036
EUR20m 2.93% Euro Senior
Unsecured Loan Notes, due 1 November 2037
JPY8bn 1.38% JPY
Senior Unsecured Loan Notes, due 6 July 2032
JPY4.5bn 1.44% JPY Senior
Unsecured Loan Notes, due 6 July 2032
In addition, the Company has a JPY12bn multi-currency revolving
credit facility, of which JPY8bn is currently drawn down. This
facility is due to mature, and the purpose of this new note will be
to partially replace that facility.
The Company is currently 7% geared on a net basis (107% invested),
and the pro forma net gearing is forecast to remain at this
level.
Assuming that the debt issue proceeds as planned, the Company's
weighted average interest on its fixed rate borrowings will be
2.5%, marginally down from its current weighted average rate of
2.6%.
The Board expects to announce the completion of the necessary
documentation within seven weeks of the date of this
announcement.
Enquiries: Asset Value Investors
Ltd
020 7659 4800
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.
