Edinburgh Investment Trust PLC DEBENTURE REDEMPTION AND REFINANCING UPDATE (9075A)
28 Septiembre 2022 - 01:02AM
UK Regulatory
TIDMEDIN
RNS Number : 9075A
Edinburgh Investment Trust PLC
28 September 2022
DEBENTURE REDEMPTION AND refinancing update
EDINBURGH INVESTMENT TRUST PLC
LEI: 549300HV0VXCRONER808
7.75% Debenture Stock 2022 (the "Debenture Stock") ISIN code:
GB0000401033
The Directors of Edinburgh Investment Trust (the "Company")
announced on 30 September 2021 that its GBP100m 7.75% debenture
would be repaid on 30 September 2022 (the "Redemption Date") in
accordance with the Trust Deed to the Debenture dated 30 May 1997
between the Company and Royal Exchange Trust Company (the
"Trustee").
The Debenture Stock will be fully redeemed at par together with
any interest accrued to (and including) the Redemption Date.
Accordingly, the Debenture Stock ISIN will be disabled for
settlement in CREST at 5pm on 29 September 2022 and all redeemed
Debenture Stock will be cancelled along with its listing on the
Official List of the UK Listing Authority.
As the Company has previously announced, GBP100m of refinancing
has been arranged to replace the maturing debenture. This will go
onto the Company's balance sheet this Thursday, 29 September 2022.
Investors should note that the weighted average interest rate
(which was negotiated in September 2021) on this new debt of 2.42%
is significantly lower than the cost were the same borrowings to be
arranged today. This in turn has an impact on the fair value of
this debt when it goes on to the Company's balance sheet. The lower
fair value of the debt is, all other things being equal, likely to
result in an uplift in the daily fair value Net Asset Value for 29
September 2022 and thereafter. As an example, had the debt been
drawn and included in the NAV as at close of business on 26
September 2022, the NAV (debt at fair; cum-income) would have been
circa 26p (or 4.3%) higher.
The Company will continue with its practice of presenting NAV
returns on a cum-income, debt at fair value basis.
If you have any questions regarding the redemption of or the
cancellation of the listing of the Debenture Stock, please contact
the Company's Registrar at:
Link Group, 10(th) Floor, Central Square, 29 Wellington Street,
Leeds, LS1 4DL, United Kingdom.
Alternatively, from within the UK you may call the Link Group
helpline on 0371 664 0300. Calls are charged at the standard
geographic rate and will vary by provider. The helpline is open
from 9.00am to 5.30pm, Monday to Friday (excluding UK public
holidays). From outside the United Kingdom please call: +44 371 664
0300. Calls will be charged at the applicable international
rate.
For and on behalf of
Sanne Fund Services (UK) Limited
Corporate Company Secretary
Enquiries
Edinburgh Investment Trust plc
Elisabeth Stheeman (Chairman) via Montfort below
Liontrust Fund Partners LLP
James Mowat +44 20 3908 8822
Investec Bank plc
Tom Skinner +44 20 7579 4000
Sanne Fund Services (UK) Limited (Company Secretary)
Brian Smith +44 20 3327 9720
Montfort Communications
Gay Collins +44 7798 626282
Shireen Farhana +44 7757 299250
eit@montfort.london
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END
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September 28, 2022 02:02 ET (06:02 GMT)
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