Witan Investment Trust PLC Fixed rate note borrowing (0824O)

TIDMWTAN

RNS Number : 0824O

Witan Investment Trust PLC

15 August 2017

WITAN INVESTMENT TRUST plc

Legal Entity Identifier: 213800XMW68XFT6D1X59

Fixed rate note borrowing

Witan Investment Trust plc has today agreed to issue a GBP30m fixed rate 37 year secured private placement note at a coupon of 2.74% (the "Note"). The purpose of this transaction is to obtain fixed rate long dated Sterling denominated financing at a pricing level that the Company considers attractive, and is expected to enhance long term investment performance. There has been no change in the Company's policy on gearing, as set out on pages 13 & 14 of the 2016 Annual Report.

The funding date is expected to be 1st November 2017 with interest payable semi-annually. The principal repayment date will be 1st November 2054. Total structural borrowings including the Note will increase from GBP142m to GBP172m following completion of this transaction. In the near-term, it is expected that the proceeds will be mainly used to repay short-term borrowings (currently GBP102m).

The weighted average interest payable on the Company's structural borrowings will decrease from 4.6% to 4.3% as at the date of funding.

J.P. Morgan Cazenove acted as sole placement agent.

For further information please contact:

Andrew Bell

Witan Investment Trust plc

Tel: 020 7227 9770

William Simmonds

J.P. Morgan Cazenove

020 7742 4000

This information is provided by RNS

The company news service from the London Stock Exchange

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