15th Jan 2010 11:24
15 January 2010
Invista Foundation Property Trust Limited
(the 'Company' / 'Group')
REPAYMENT OF DEBT
Further to Invista Foundation Property Trust's announcement on 27 November 2009 of its interim results in which it announced the actions it was going to take to improve income and dividend cover without a material increase in net gearing, the Company today announces that it has repaid £40 million of debt at par, as planned. The only cost associated with the debt repayment is a swap break cost of £3.95 million.
Following the debt repayment the Company has on-balance sheet securitised borrowings of £173.5 million at an average interest rate of 5.69% per annum. The debt repayment increases the Company's net income by approximately £2.1 million per annum and underpins the strategy of increasing income and dividend cover.
-ENDS-
For further information:
|
Invista Real Estate Investment Management Duncan Owen |
020 7153 9300 |
|
Northern Trust David Sauvarin |
01481 745529 |
|
Financial Dynamics Dido Laurimore / Rachel Drysdale |
020 7831 3113 |
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