Renewal of Tier 2 Regulatory Capital Loan facility

Arbuthnot Banking Group PLC

19 December 2023

 

19 December 2023

Arbuthnot Banking Group PLC

Renewal of Tier 2 Regulatory Capital Loan facility

Arbuthnot Banking Group PLC ("ABG", the "Company" or the "Group") announces today that it has reached agreement to renew the private issue of its sub ordinated loan ("the Loan") issued on a bilateral basis to Proventus Capital Partners, a Swedish Debt fund (originally announced on 3 June 2019). The Loan is being increased by £1,000,000 to £26,000,000 before fees and expenses.

The Loan is expected to be drawn on 3 June 2024 which is the fifth anniversary of the initial loan. The Loan is expected to mature on 3 June 2034 but can be repaid by ABG after the fifth anniversary. Interest is payable on the Loan at a rate of 7.25% plus SONIA.

Repayment of the initial loan and issuance of the Loan as part of the capital resources of the Group is subject to approval by the Prudential Regulation Authority. A further announcement will be made in due course.

It is expected this will be classified as Tier 2 for capital purposes and will maintain the current levels of capital to support the strategic plans of the Group.

The Directors of the Company accept responsibility for the contents of this announcement.

The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

ENQUIRIES:
Arbuthnot Banking Group	020 7012 2400
Sir Henry Angest, Chairman and Chief Executive
Andrew Salmon, Group Chief Operating Officer
James Cobb, Group Finance Director
Grant Thornton UK LLP (Nominated Adviser and AQSE Corporate Adviser)	020 7383 5100
Colin Aaronson
Samantha Harrison
Ciara Donnelly
Shore Capital (Broker)	020 7408 4090
Daniel Bush
David Coaten
Tom Knibbs
H/Advisors Maitland (Financial PR)	020 7379 5151
Sam Cartwright Neil Bennett

 

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