31st Jul 2024 14:34
(Alliance News) - Asia Dragon Trust PLC on Wednesday announced an extension and GBP25 million increase to its financing arrangements with the Royal Bank of Scotland.
The Asia-focused investment trust looks to invest in companies with good cash flows and healthy balance sheets.
An existing GBP50 million multi-currency revolving credit facility has increased to GBP75 million, while the maturity date has been extended to March 29, 2025 from July 29, 2024.
"The GBP25 million increase has been used to repay the company's GBP25 million fixed rate loan with the lender which matured on 29 July 2024. The company now has a single unsecured GBP75m RCF...under which the company retains flexibility to repay and cancel the facility at any time during its tenor, on 5 business days' notice," Asia Dragon said.
The company's total borrowings therefore remain unchanged at GBP72.8 million.
Asia Dragon shares were up 1.2% to 412.00 pence each in London on Wednesday afternoon.
By Elijah Dale, Alliance News reporter
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