Foreign & Colonial To Issue Senior Notes To Fund Investments (ALLISS)

14th Mar 2018 13:32

LONDON (Alliance News) - Foreign & Colonial Investment Trust PLC said Wednesday it will issue fixed-rate senior unsecured notes to obtain further fixed-rate long-dated sterling financing.

The company will issue notes of GBP75.0 million principal with a 30-year tenor, at a coupon of 2.9%.

The funding will also, Foreign & Colonial said, extend and diversify the maturity of its overall liabilities, with net proceeds from the note sale being used for investment and general corporate purposes.

There is no change to Foreign & Colonial's gearing policy, with net gearing remaining at around 7%.

Shares in the investment trust were up 0.2% on Wednesday at 650.50 pence each.