By Lisa Kerner
Charlotte, N.C., April 10 – Witan Investment Trust plc will issue a £21 million 3.29% 20-year secured note and a £54 million 3.47% 30-year secured note in a private placement.
The funding date is expected to be June 1.
J.P. Morgan Cazenove acted as the placement agent.
The purpose of the transaction is to obtain fixed-rate long-dated sterling-denominated financing at a pricing level that the company considers attractive and that will enhance long-term investment performance, a news release said.
In the near term, proceeds will be mainly used to repay short-term borrowings.
Witan is an investment trust based in Chelmsford, England.
| Issuer: | Witan Investment Trust plc
|
| Issue: | Secured notes
|
| Amount: | £75 million
|
| Agent: | J.P. Morgan Cazenove
|
| Announcement date: | April 10
|
| Settlement date: | June 1
|
| Distribution: | Private placement
|
|
|
| 20-year notes
|
| Amount: | £21 million
|
| Coupon: | 3.29%
|
| Maturity: | June 1, 2035
|
|
|
| 30-year notes
|
| Amount: | £54 million
|
| Coupon: | 3.47%
|
| Maturity: | June 1, 2045
|
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