16th Jan 2020 15:56
(Alliance News) - GCP Asset Backed Income Fund Ltd on Thursday said it has extended its revolving credit facility with Royal Bank of Scotland International Ltd in respect of the GBP10 million tranche, until August 2020.
The GBP50 million revolving credit facility was entered into in January 2017 when it amounted to GBP15 million.
The facility was then increased in April 2019 to GBP50 million, split as GBP40 million maturing in August 2020 and charged at a rate of LIBOR plus 2.10% and GBP10 million maturing in January 2020 charged at a reduced rate of LIBOR plus 1.70%.
GCP says it has extended the expiry date of the GBP10 million until August as its investment manager Gravis Capital Management Ltd has identified a pipeline of investment opportunities across a range of sectors. The funds will be used as additional capital to access some of these opportunities.
Currently, GBP10.5 million from the facility has been drawn.
Shares in GCP were down 0.7% at 109.20 pence each on Thursday afternoon in London.
By Ife Taiwo; [email protected]
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