Debt Facility - Replacement (5399U)
December 22 2011 - 12:00PM
UK Regulatory
TIDMSLI
RNS Number : 5399U
Standard Life Invs Property Inc Tst
22 December 2011
The following amendment has been made to the 'Debt Facility'
announcement released on 22-12-11 at 14.15 under RNS No 5194U.
In the first paragraph the word 'President' should have read
'Precedent'.
All other details remain unchanged.
The full amended text is shown below.
To: Company Announcements
Date: 22 December 2011
Company: Standard Life Investment Property Income Trust Limited
Standard Life Investments Property Income Trust is pleased to
announce that it has signed a new 7 year debt facility with RBS
subject to completion of standard conditions precedent.
The existing facility with RBS is due to expire in December 2013
and totalled GBP84.4m. The new facility will be drawn down in
January with hedging arrangements agreed to mitigate interest rate
risk over the life of the loan.
The new facility is on attractive terms for the Company, and the
exact rates will be confirmed in January when the full GBP84.4m is
drawn down. The Company will maintain its existing hedge of GBP72m
until December 2013. As at 30 September 2011 the hedge had a fair
value liability of GBP6.9m, and this will trend to GBP0 over the
next 24 months, adding 5p to the NAV per share. The Company intends
to enter into a forward hedge for the remaining 5 years of the
facility on the GBP72m, and will also enter into a 7 year swap on
the remaining GBP12.4m drawn down.
Jason Baggaley, fund manager of the Standard Life Investments
Property Income Trust, said " We have always enjoyed a close
working relationship with RBS, and are delighted to have been able
to agree this new facility well in advance of the expiry of our
current facility."
All enquiries:
The Company Secretary
Northern Trust International Fund Administration Services
(Guernsey) Limited
Trafalgar Court
Les Banques
St Peter Port
Guernsey
GY1 3QL
Renee McIver
Tel: 01481 745324
Fax: 01481 745085
Jason Baggaley, Standard Life Investments (Corporate Funds)
Limited
Tel: 0131 245 2833
Gordon Humphries, Standard Life Investments (Corporate Funds)
Limited
Tel: 0131 245 2735
This information is provided by RNS
The company news service from the London Stock Exchange
END
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