Templeton Emerging Markets obtains £220 million of new facilities

By Sarah Lizee

Olympia, Wash., Jan. 31 – Templeton Emerging Markets Investment Trust plc said it obtained a £120 million multicurrency revolving credit facility due Jan. 31, 2023 and a £100 million 2.089% fixed-rate term loan due Jan. 31, 2025.

The new revolver replaces the company’s previous revolver with Bank of Nova Scotia that was set to expire on Jan. 31.

Interest on the revolver will be based on market rates of interest at the time of each drawdown.

Drawings under the revolver may be in pounds sterling, U.S. dollars or China renminbi.

The total amount which may be drawn down in China renminbi is 42.5% of the combined limit of the fixed-rate facility and the revolver.

The company's investment policy, which allows borrowing of up to 10% of net assets, is unchanged.

Templeton Emerging Markets is a U.K.-based investment company.

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