By Rebecca Melvin
Concord, N.H., Nov. 2 – Law Debenture Corp. plc has agreed to issue £50 million in two series of senior secured notes in a private placement, according to a notice on Tuesday.
The notes include £20 million 2.54% series A secured notes due 2041 and £30 million 2.53% series B secured notes due 2050.
The proceeds will be used to repay short-term borrowings, as well as for further investment and general corporate purposes.
The company’s total structural borrowing will increase to £165 million from £115 million following the new issuance. The weighted average interest payable on the borrowings will decrease to 3.97% from 4.59%.
In addition to the new notes, the company has outstanding £40 million 6.125% guaranteed secured bonds due 2034, issued by Law Debenture Finance plc. in 1999, and £75 million 3.77% senior secured notes due 2045.
Law Debenture is a London-based investment trust.
| Issuer: | Law Debenture Corp. plc
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| Issue: | Secured notes
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| Amount: | £50 million
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| Distribution: | Private placement
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| Issue date: | Nov. 2
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| Series A notes
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| Amount: | £20 million
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| Maturity: | Nov. 2, 2041
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| Coupon: | 2.54%
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| Series B notes
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| Amount: | £30 million
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| Maturity: | Nov. 2, 2050
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| Coupon: | 2.53%
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