Renewal of Bank Loan Facility

RNS Number : 5509V

Shires Income PLC

03 November 2017

 

SHIRES INCOME PLC (the "Company")

Legal Entity Identifier (LEI): 549300HVCIHNQNZAYA89

3 November 2017

Renewal of Bank Loan Facility

The Company is pleased to announce that it has entered into a new £20 million loan facility agreement with Scotiabank Europe PLC (the "New Facility"). The New Facility is for a three year period to 30 October 2020 and replaces the Company's previous £20 million loan facility agreement with Scotiabank Europe PLC which was due to mature on 19 December 2017.

Under the terms of the New Facility, a £10 million fixed rate loan has been drawn down at an all-in interest rate of 1.956% per annum. This rate of interest is fixed until the maturity of the facility on 30 October 2020 and the proceeds have been used to repay the Company's previous £10 million fixed rate loan which had an all-in interest rate of 2.103% per annum. 

In repaying the previous fixed rate loan early, the Company has incurred a small break cost.

In addition, £9 million has been drawn down on a revolving basis, at an initial all-in interest rate of 1.3782% per annum, with first maturity on 1 December 2017, and the proceeds have been used to repay the Company's previous drawings under the old facility.

Following the drawdowns under the New Facility, the Company's borrowings are unchanged at £19 million.

Enquiries:

Gordon Hay Smith, Aberdeen Asset Managers Limited, 0131 528 4000

 

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