Loan Refinancing

RNS Number : 7459K

Investors Capital Trust PLC

24 August 2012

 



To:                    RNS

From:                Investors Capital Trust plc

Date:                24 August 2012

Loan refinancing

The Company has entered into a fixed rate term loan facility agreement with JPMorgan Chase Bank, N.A., London Branch (the "Bank") under which, subject to the satisfaction of certain conditions, a term loan of £18m is to be made available for drawing by the Company (the "JPM Facility"). The JPM Facility has a five year term to 28 September 2017 to correspond with the current performance period which runs to 2017 and has a fixed interest rate of 3.15 per cent. per annum. The JPM Facility contains certain financial covenants with which the Company must comply and the Company will grant a fixed and floating charge in favour of the Bank as security.

It is intended that the JPM Facility will be fully drawn down on 28 September 2012 and, together with cash resources, will be used to repay the Company's existing £33.5m financing facility which matures on that date. This refinancing does not affect the Company's distribution policy.

The JPM Facility will represent a reduced level of borrowings for the Company and the interest rate of 3.15 per cent. per annum on the JPM Facility is significantly lower than the rate of 5.8635 per cent. on the existing facility.

For further information contact:

Rodger McNair, Investment Manager        Tel: [phone]

Michael Campbell, Company Secretary    Tel: [phone]

 

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