Standard Life Private Eqty Trst PLC Increase of Loan Facility (9377Z)
September 24 2020 - 1:00AM
UK Regulatory
TIDMSLPE
RNS Number : 9377Z
Standard Life Private Eqty Trst PLC
24 September 2020
STANDARD LIFE PRIVATE EQUITY TRUST PLC
Legal Entity Identifier (LEI): 2138004MK7VPTZ99EV13
24 September 2020
Increase of Loan Facility
The Board of Standard Life Private Equity Trust plc ("the
Company") is pleased to announce an expansion of its syndicated
multi-credit facility agreement ("Loan Facility"). The sums
available to the Company under the Loan Facility have been
increased from GBP100m to GBP200m, whilst State Street Bank
International has been added to the syndicate of banks providing
the Loan Facility alongside current providers Citi and Société
Générale.
There have been no changes to the financial covenants or expiry
date of the Loan Facility, which remains as December 2024.
The Loan Facility is currently undrawn. The interest rate on the
Loan Facility is LIBOR / EURIBOR plus 1.625%, rising to 2.0%
depending on utilisation, and the commitment fee payable on
non-utilisation is unchanged at 0.7% per annum. An arrangement fee
of 0.8% is payable on the additional GBP100m available to the
Company.
Christina McComb, the Company's Chair, said "This is an
extremely positive result for the Company, particularly in the
challenging economic conditions. The Board is delighted with the
continued strong support from our existing lenders and welcomes
State Street to the syndicate. The Company continues to have a
strong pipeline of investment opportunities in primary funds,
secondaries and co-investments and the extended Loan Facility
enables the Manager to take further advantage of this."
For further information please contact
Alan Gauld, Fund Manager (0131 528 4424)
Evan Bruce-Gardyne, Client Director (0131 372 1692)
Aberdeen Standard Investments
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