ATST Alliance Trust Plc

 
TIDMATST 
 
 
   28 November 2018 
 
   ALLIANCE TRUST PLC 
 
   Fixed rate note borrowing 
 
   Alliance Trust PLC (the "Company") has issued GBP60m fixed rate 
unsecured privately placed notes (the "Notes") with maturities of 15, 25 
and 35 years and coupons for each respective GBP20m tranches of 2.657%, 
2.936% and 2.897%. The closing and settlement date is today with 
interest payable semi-annually. 
 
   The purpose of this transaction is to obtain unsecured, fixed rate, long 
dated Sterling denominated financing at a pricing level that the Company 
considers attractive. The transaction is expected to provide the Company 
with a long term benefit through a full market cycle. 
 
   The proceeds of the financing will be used to repay GBP60m of the 
Company's existing GBP127m of floating rate bank debt all of which is 
currently short term funding, such that the Company's current drawn 
borrowings will remain unchanged after the Notes' issuance at an amount 
of GBP245.45m (this includes the existing GBP100m Note issue due 2029 at 
a fair value of GBP118.45m as at 30(th) June 2018). Total borrowing 
facilities including the Notes will increase by GBP60m to GBP360m 
(including the existing Note issue at its nominal value of GBP100m and 
GBP200m of committed bank facilities). 
 
   As a result, our fixed long term borrowing costs have reduced from 4.3% 
to 3.7%. With the increased long term debt the weighted average interest 
payable on drawn borrowing facilities will change from 2.7% to 3.1% 
 
   For more information, please contact: 
 
   Alliance Trust PLC 
 
   Tel. +44 (0)1382 321010 
 
 
 
 
 
 

(END) Dow Jones Newswires

November 28, 2018 11:20 ET (16:20 GMT)

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