Fixed Rate Borrowing

RNS Number : 7489Q

Lowland Investment Co PLC

01 December 2016

 

HENDERSON INVESTMENT FUNDS LIMITED

LOWLAND INVESTMENT COMPANY PLC

1 December 2016

LOWLAND INVESTMENT COMPANY PLC

Fixed Rate Borrowing

Lowland Investment Company plc ("Lowland" or the "Company") has agreed to issue £30m in senior unsecured fixed rate private placement notes (the "Notes") at an annualised coupon of 3.15% with a 20 year bullet maturity. The funding date for the Notes will be 5 January 2017 and the Notes will be due for repayment on 5 January 2037. The semi-annual interest payment dates for the Notes will be 5 July and 5 January.

The net proceeds from the Company's issuance of the Notes will be used for investment and general corporate purposes, including the repayment of short-term bank debt. There has been no change in the Company's gearing policy.

The Company considers obtaining such Sterling denominated financing on an unsecured basis at this price level and at a 20 year tenor to be highly attractive. Furthermore, the issuance of the Notes has the advantage of balancing the maturity profile of the Company's liabilities.

Enquiries 

James Henderson/Laura Foll

Fund Managers

Lowland Investment Company plc

Telephone: [phone] 7818 6364

J.P. Morgan Cazenove

Corporate Broker                                                                                                                   

Tel: [phone]

William Simmonds

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.

 

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