1st May 2014 09:16
LONDON (Alliance News) - S & U PLC Thursday said it has entered a new GBP30.0 million seven-year debt facility with Prudential PLC's fund management arm, M&G Investments, as the niche lender looks to grow its loan book.
In a statement, the home credit and motor finance lender said the facility will be drawn down in two equal tranches.
The first tranche will be drawn down now, with the remainder to be drawn down in six months' time.
Chairman Anthony Coombs said the funds were secured on "attractive" terms but didn't specify.
M&G is a retail and institutional fund manager with more than GBP244.00 billion in assets under management at the end of 2013.
It manages equities, multi-asset, fixed income, real estate and cash for clients across Europe and Asia.
M&G was acquired by Prudential for GBP1.9 billion in 1999.
S & U shares were Thursday quoted at 1,878.00 pence, down 0.1%.
By Samuel Agini; [email protected]; @samuelagini
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
PrudentialS & U