By Marisa Wong
Los Angeles, Dec. 2 – F&C Investment Trust plc has agreed to issue fixed-rate senior private placement notes in three tranches, according to a London Stock Exchange announcement.
F&C will issue £50 million of 2.06% notes due 2037, £45 million of 1.96% notes due 2056 and £45 million of 1.87% notes due 2061.
The funding date for the notes is expected to be March 1.
The company said the purpose of this transaction is to obtain a mix of medium- and long-dated fixed-rate financing at pricing levels that it considers to be highly attractive. This funding will also further improve the maturity profile of the company’s borrowings.
The weighted average interest payable on the newly issued notes will be under 2%.
Proceeds will be used for refinancing existing debt, investment and other general corporate purposes.
The investment fund is based in London.
| Issuer: | F&C Investment Trust plc
|
| Amount: | £140 million
|
| Issue: | Fixed-rate senior notes
|
| Announcement date: | Dec. 2
|
| Funding date: | March 1
|
| Distribution: | Private placement
|
|
|
| 2037 notes
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| Amount: | £50 million
|
| Maturity: | 2037
|
| Coupon: | 2.06%
|
|
|
| 2056 notes
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| Amount: | £45 million
|
| Maturity: | 2056
|
| Coupon: | 1.96%
|
|
|
| 2061 notes
|
| Amount: | £45 million
|
| Maturity: | 2061
|
| Coupon: | 1.87%
|
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