Value and Income Trust plc Refinancing (8637V)
December 05 2019 - 8:03AM
UK Regulatory
TIDMVIN
RNS Number : 8637V
Value and Income Trust plc
05 December 2019
Value and Income Trust PLC (the "Company")
New GBP22 million loan
The Company announces that it has arranged a seven year secured
term loan of GBP22 million at a fixed interest rate of 3.1% per
annum (3.3% per annum after all expenses) on GBP20.9 million and at
a floating rate of Libor plus 2.35% on the balance of GBP1.1
million. The net proceeds will be held on deposit until 31 March
2021 to refinance the Company's GBP15 million 11% First Mortgage
Debenture Stock 2021 which expires on that date and to support the
acquisition of further UK properties and equities in accordance
with the Company's investment policy.
The net effect of this refinancing will be a total net cost to
VIT's income account of 1.35 pence per share from now until 31
March 2021 and a prospective net benefit of 2.90 pence per share
per annum from 1 April 2021.
Under the Company's Articles of Association, shareholders will
vote in 2024 on the future direction of the Company, including an
opportunity for anyone who wishes to realise their investment in
full, at Net Asset Value less costs, by 31 March 2027.
For Value and Income Trust PLC
Maven Capital Partners UK LLP, Secretary
5 December 2019
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END
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