Extension of Credit Facility

RNS Number : 8677W

Woodford Patient Capital Trust PLC

13 December 2019

 

13 December 2019

Schroder UK Public Private Trust plc

Extension of Credit Facility

The Board of Schroder UK Public Private Trust plc (previously Woodford Patient Capital Trust plc) (the "Company") is pleased to announce that it has agreed an amendment to its existing credit facility (the "Facility") to extend the term for 12-months to 15 January 2021.

The commitment under the Facility has been reduced to £112.9 million, in-line with the amount currently drawn under the Facility and consistent with the Company's intention to reduce borrowings. In addition, the borrowing base, which limits borrowings to an amount based on the value of both the quoted and unquoted holdings, has been removed, providing the Company with greater flexibility while it seeks to reduce gearing. The annual interest rate remains unchanged at LIBOR + 1.5 per cent. 

The Company will work with Schroders to reduce the level of borrowings, although it is important that Schroders is provided with time to achieve this objective, balancing the previously stated desire to achieve a reduction while protecting shareholder value. The Company will provide a further update on borrowings in due course.

This announcement contains Inside Information as defined under the Market Abuse Regulation (EU) No. 596/2014.

LEI: 2138008X94M7OVE73I77

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Ed Berry / Tom Blackwell                       0203 727 1046 / 1051

 

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