New long-term fixed rate borrowing

RNS Number : 0237E

Murray International Trust PLC

08 March 2022

 

8 March 2022

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 (subject to agreement of legal documentation) to utilise part of its £200m Shelf Facility, of which £50m is already drawn down, through the issuance of a £60 million 15 year Senior Unsecured Loan Note (the "Loan Note") at an annualised fixed interest rate of 2.83%. 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 £60 million Fixed Rate Loan ("FRL") with The Royal Bank of Scotland International Limited, London Branch, which is fully drawn and due to expire on 31 May 2022.

Following this drawdown, an additional £90 million will remain available for utilisation by the Company for a further four-year period. 

Once the drawdown is completed (expected to be 31 May 2022) and the FRL has been repaid, the Company's borrowings are expected to total approx. £200m, which represents a net gearing level of 12.6% based on the Company's Net Asset Value as at 4 March 2022.  

Contacts

abrdn

William Hemmings  020 7463 6223

Charles Mearns                                                                 0131 528 1432

 

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