Scottish Mortgage places £188 million notes; Cascade gets bridge loan

By Devika Patel

Knoxville, Tenn., Jan. 16 – Two new private placements were announced on Thursday.

Edinburgh, Scotland-based Scottish Mortgage Investment Trust plc, an investment trust, said it raised £188 million of senior notes in a mixture of sterling and euros.

Skokie, Ill.-based Cascade Capital Group, a privately held health care real estate investment and management firm, secured $11.03 million in bridge financing for the Vistas Fox Valley.

Scottish Mortgage prices

Scottish Mortgage Investment Trust placed £188 million in long term, fixed rate, senior unsecured private placement notes. Banco Santander SA was the agent.

The company sold £188 million in the form of three notes: one 2.3% 20-year note for £150 million, one 1.65% 25-year note for €18 million and a 1.77% 30-year note for €27 million.

Cascade gets financing

Cascade Capital Group obtained $11,028,500 in bridge financing.

The debt was structured and provided by Walker & Dunlop Inc.’s bridge lending program.

The proceeds will be used for the Vistas Fox Valley, a 136-bed supportive living facility in Aurora, Ill.

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