31st Jan 2020 18:28
(Alliance News) - Templeton Emerging Markets Investment Trust PLC said Friday it has replaced its multi-currency revolving facility with the Bank of Nova Scotia with two new debt facilities with immediate effect.
The existing facility will expire on January 31, 2023 with a limit on borrowings of GBP120 million. Interest on borrowings under the facility will be based on market rates of interest at the time of each draw down.
Drawing from the GBP120 million facility can be made in pounds sterling, US dollars or Chinese renminbi.
Templeton has also agreed a GBP100 million fixed-term rate loan for a five-year term, maturing on January 31, 2025 at an annual interest rate of 2.089%.
"We have concluded that it may be in shareholders' interests to extend the facility at a time when the outlook for emerging markets remains positive and interest rates are low. The GBP100 million fixed rate borrowing will be in place for five years, while the investment manager has the discretion to make drawdowns under the revolving credit facility as investment opportunities arise, subject to overall supervision by the board," said Chair Paul Manduca.
Shares in Templeton Emerging Markets closed 1.7% at 796.00 pence on Friday in London.
By Dayo Laniyan; [email protected]
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