By Marisa Wong
Los Angeles, Dec. 13 – Monks Investment Trust plc announced it issued £74 million of privately placed fixed-rate senior notes denominated in euros and Japanese yen with tenors ranging from seven to 14 years.
This transaction provides the company with medium-term financing at a range of maturities and a competitive weighted average interest rate of 3.96%, according to a press release.
Specifically, the notes were issued in four tranches: €18 million with a fixed coupon of 4.3% to be repaid in 2030; €35 million with a fixed coupon of 4.29% to be repaid in 2033; €18 million with a fixed coupon of 4.55% to be repaid in 2035; and ¥2.5 billion with a fixed coupon of 2.17% to be repaid in 2037.
Coupons will be payable semiannually.
The funding date for all tranches was Dec. 12.
The company said its board remains committed to the strategic use of borrowings for the company in order to enhance returns to shareholders over the long term and has set a guideline gearing level of 10%. This new financing will be available to bring Monks Investment’s level of gearing into line with this target level and to reduce the average cost of borrowing.
Centrus Financial Advisors Ltd. acted as placement agent for the transaction.
Monks is a U.K.-based investment company.
| Issuer: | Monks Investment Trust plc
|
| Amount: | £74 million
|
| Issue: | Fixed-rate senior notes
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| Placement agent: | Centrus Financial Advisors Ltd.
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| Settlement date: | Dec. 12
|
| Distribution: | Private placement
|
|
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| 2030 notes
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| Amount: | €18 million
|
| Maturity: | 2030
|
| Coupon: | 4.3%
|
|
|
| 2033 notes
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| Amount: | €35 million
|
| Maturity: | 2033
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| Coupon: | 4.29%
|
|
|
| 2035 notes
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| Amount: | €18 million
|
| Maturity: | 2035
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| Coupon: | 4.55%
|
|
|
| 2037 notes
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| Amount: | ¥2.5 billion
|
| Maturity: | 2037
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| Coupon: | 2.17%
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