Issue of Debt

Monks Investment Trust PLC

13 December 2023

 

The Monks Investment Trust PLC (MNKS)

Legal Entity Identifier: 213800MRI1JTUKG5AF64

The Monks Investment Trust PLC raises £74m of medium-term debt

The Monks Investment Trust PLC ('the Company') announces that it has issued £74 million of fixed rate, senior, unsecured privately placed notes, denominated in Euros and Japanese Yen, over periods ranging from 7 to 14 years. This transaction provides the Company with medium-term financing at a range of maturities and a competitive weighted average interest rate of 3.96%.

The Board remains committed to the strategic use of borrowings for the Company in order to enhance returns to shareholders over the long term and has set a guideline gearing level of 10%. This new financing will be available to bring Monks' level of gearing into line with this target level, and to reduce the average cost of borrowing.

The new privately placed notes have been issued in four tranches: EUR18 million with a fixed coupon of 4.30% to be repaid in 2030; EUR35 million with a fixed coupon of 4.29% to be repaid in 2033; EUR18 million with a fixed coupon of 4.55% to be repaid in 2035; and JPY2,500 million with a fixed coupon of 2.17% to be repaid in 2037. Coupons will be payable semi-annually. The funding date for all tranches is 12 December 2023.

Centrus Financial Advisors Ltd acted as sole placement agent for the transaction.

 Baillie Gifford & Co Limited

Managers and Secretaries

13 December 2023

Regulated Information Classification: Additional regulated information required to be disclosed under applicable law

 

END