2nd Aug 2018 12:54
LONDON (Alliance News) - JPMorgan Japanese Investment Trust PLC said Thursday that it has raised JPY13 billion, equivalent to approximately GBP89 million, through the sale of senior secured notes at an average annualised interest rate of 1.1%.
The net proceeds from the sale of the notes will be used to repay elements of the company's current debt, namely a JPY9 billion term loan and JPY4 billion of a JPY11 billion revolving credit facility. Both of these facilities are provided by the National Australia Bank
Chairman Andrew Flemming said: "We are pleased to be able to take advantage of current market conditions which have offered the opportunity to secure long term debt financing at rates below that paid on the company's existing term loan and in yen so there is no currency mismatch with the company's underlying assets."
Shares in JPMorgan Japanese were up 0.7% at 464.00 each on Thursday afternoon.
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