Loan refinancing and drawdown

RNS Number : 6397N

Investors Capital Trust PLC

01 October 2012

 



To:              RNS

From:          Investors Capital Trust plc

Date:          01 October 2012

Loan refinancing and drawdown

The Company announced on 24 August 2012 that it had entered into a fixed rate five year term loan facility agreement with JPMorgan Chase Bank, N.A., London Branch (the "Bank") under which a term loan of £18m was made available for drawing by the Company (the "JPM Facility").

The Company has fully drawn down £18m under the JPM Facility on 28 September 2012. Together with cash resources the JPM Facility has been used to repay the Company's £33.5m financing facility which matured on the same date. This refinancing does not affect the Company's distribution policy.

The JPM Facility represents a reduced level of borrowings for the Company and the interest rate of 3.15 per cent. per annum on the JPM Facility is significantly lower than the rate of 5.8635 per cent. on the matured facility.

Following this loan refinancing and drawdown, the Company had total assets (less current liabilities) of £126m which is comprised as follows:

                                                            Per cent. of total assets

                                                            (less current liabilities)

Equities Portfolio                                                  85%  

Higher Yield Portfolio                                            14%  

Cash and cash equivalents                                     1% 

For further information contact:

Rodger McNair, Investment Manager        Tel: [phone]

Michael Campbell, Company Secretary    Tel: [phone]

 

END

 

 

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