20th Mar 2020 16:00
(Alliance News) - Aberdeen Standard Equity Income Trust on Friday said it has amended a credit facility with Banco Santander SA.
In changes that were effective from Thursday, the loan facility reduced to GBP20 million from GBP40 million, with the margin increased to 130 basis points above LIBOR from 100 basis points.
Loan covenants under the facility have also changed, Aberdeen Standard Equity's gross assets must now not be below GBP100 million. Under the prior agreement, it needed to keep gross assets above GBP150 million. The loan is fully drawn, the company added.
Shares in the company climbed 7.8% to 219.84 pence each in London on Friday afternoon.
By Eric Cunha; [email protected]
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