Scottish American completes refinancing, borrowing cost below 3%

By Mary-Katherine Stinson

Lexington, Ky., April 11 – Scottish American Investment Co. plc has completed refinancing of its long-term borrowings with £80 million of long-term private placement debt, according to a London Stock Exchange notice.

The ongoing borrowing cost of the company debt, which includes this £80 million private placement and an additional £15 million borrowed in 2021, is now just below 3% per year.

Also, the company confirmed that its 8% debenture stock due in 2022 has been redeemed at the scheduled maturity date.

Headquartered in Edinburgh, Scottish American Investment Co. is a publicly traded investment trust managed by Baillie Gifford & Co Ltd. The trust invests in a broad range of U.K. and international assets.

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