Fixed rate note borrowing

RNS Number : 1050N

RIT Capital Partners PLC

14 May 2015

 



RIT Capital Partners plc

Fixed rate note borrowing

14 May 2015

RIT Capital Partners plc (the "Company") has recently agreed to issue £151 million of fixed rate private placement notes ("the Notes").  The Notes will have tenors of 10, 15 and 20 years with a weighted average of approximately 16 years.  They will be unsecured and pay fixed interest semi-annually at annualised coupons of between 3.00% and 3.56%, with a weighted average of 3.45%.

The Notes were priced on 22 April 2015 and the funding date is expected to be 1 June 2015. 

This transaction will provide fixed rate, long dated, Sterling denominated financing at a pricing level that the Company considers attractive, and which is expected to enhance long-term investment performance. 

The proceeds will be used to repay existing floating rate, short-term credit facilities and as a result of the transaction, the total drawn borrowings of £400 million are not expected to change.  The weighted average interest payable on all borrowings following the transaction is expected to be approximately 2.36%.

J.P. Morgan Cazenove acted as sole placement agent.

Enquiries:

Brunswick Group LLP

Tom Burns: 020 7404 5959

J.P. Morgan Cazenove

William Simmonds: 020 7742 4000

 

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