By Wendy Van Sickle
Columbus, Ohio, Aug. 28 – Franklin Universal Trust announced Tuesday that it refinanced its existing $60 million of 2.87% senior fixed-rate notes with $65 million of new 3.91% private placement notes.
Proceeds will also be used for general corporate purposes, according to a press release.
The new notes make up the full $65 million of notes the company has outstanding.
Franklin Universal Trust is a San Mateo, Calif.-based closed-end investment company managed by Franklin Advisers Inc.
| Issuer: | Franklin Universal Trust
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| Security description: | Senior fixed-rate notes
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| Amount: | $65 million
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| Maturity: | Sept. 15, 2023
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| Coupon: | 3.91%
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| Distribution: | Private placement
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| Settlement: | Aug. 28
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