By Lisa Kerner
Charlotte, N.C., Sept. 25 – Law Debenture Corp. plc agreed to issue £75million of fixed-rate 30-year secured notes due 2045 in a private placement on Friday. The notes have an annualized coupon of 3.77%.
The proceeds will be used to repay short-term borrowings under an uncommitted, drawn-down facility of £30 million, for equity investment and for general corporate purposes, according to a news release.
Interest is payable semiannually.
The refinancing will decrease the weighted average interest payable on the company's structural borrowings to 4.589% from 6.125%.
Law Debenture is a London-based investment trust.
| Issuer: | Law Debenture Corp. plc
|
| Issue: | Secured notes
|
| Amount: | £75 million
|
| Coupon: | 3.77%
|
| Maturity: | Sept. 25, 2045
|
| Distribution: | Private placement
|
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