Murray International Trust PLC New long-term fixed rate borrowing (1939V)
April 12 2021 - 10:55AM
UK Regulatory
TIDMMYI
RNS Number : 1939V
Murray International Trust PLC
12 April 2021
12 April 2021
Murray International Trust PLC ("the Company")
Legal Entity Identifier (LEI): 549300BP77JO5Y8LM553
New long-term fixed rate borrowing
The Board of Murray International Trust PLC (the "Company")
today announces that it has agreed terms (through the acceptance of
a conditional offer that is subject to diligence and agreement of
legal documentation) to extend part of the Company's long-term
borrowings through the issuance of a GBP50 million 10 year Senior
Unsecured Loan Note (the "Loan Note") at an annualised interest
rate of 2.24%. The Loan Note will be unsecured, unlisted and
denominated in sterling. The Loan Note shall rank pari passu with
the Company's other unsecured and unsubordinated financial
indebtedness.
The Company intends to use the proceeds of the Loan Note to
repay, and cancel in full, the Company's GBP50 million Revolving
Credit Facility ("RCF") with The Royal Bank of Scotland
International Limited, London Branch, which is fully drawn and due
to expire on 13 May 2021.
An additional GBP150 million will also be available for drawdown
by the Company for a five-year period. The Board's current
intention would be to only draw this down to repay any of the
Company's existing debt. The minimum drawdown would be in tranches
of GBP10m and the exact terms of such a borrowing would be agreed
at the time of drawdown. The Company will pay no fees on this
facility, other than minimal legal fees.
Once the initial drawdown is completed (expected to be 13 May
2021) and the RCF has been repaid, the Company's borrowings are
expected to total approx. GBP200m, which represents a net gearing
level of 13.0% based on the Company's Net Asset Value as at 9 April
2021.
Contacts
Aberdeen Standard Investments
William Hemmings 020 7463 6223
Charles Mearns 0131 528 1432
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCDKBBPQBKDNQD
(END) Dow Jones Newswires
April 12, 2021 10:55 ET (14:55 GMT)
Murray (LSE:MYI)
Historical Stock Chart
From Mar 2024 to Apr 2024
Murray (LSE:MYI)
Historical Stock Chart
From Apr 2023 to Apr 2024