Issue of £30m and EUR30m fixed rate notes

RNS Number : 0829M

British Empire Trust PLC

15 January 2016

 

BRITISH EMPIRE TRUST PLC (the "Company")

Issue of £30m and EUR30m fixed rate notes

Further to the announcement issued on 18th December 2015, the Company is pleased to announce that it has today received the debt funding set out in the announcement, namely 20 year unsecured private placement notes (the "Notes") issued in two tranches:

-          The first tranche is £30 million.

-          The second tranche is EUR30 million (equivalent to approximately £22.6 million at the closing exchange rate on 14 January 2016).

The blended annualised cost of the new debt is 3.78%. The Notes are due to be repaid on 15 January 2036. The interest payment dates will be 15 January and 15 July.

The Notes are unsecured. There has been no change in the Company's formal policy on gearing, as set out on page 34 of the 2015 Annual Report. Total fixed rate borrowing, including the Notes, has increased from £15 million to £67.6 million following completion of this transaction.

Enquiries:

Asset Value Investors    020 7659 4800

 

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