REG - Arbuthnot Banking - Renewal of Tier 2 Regulatory Capital Loan facility

Arbuthnot BankingAnnouncement

19/12/2023 14:15

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RNS Number : 3461X  Arbuthnot Banking Group PLC  19 December 2023

19 December 2023

Arbuthnot Banking Group PLC

Renewal of Tier 2 Regulatory Capital Loan facility

 

Arbuthnot Banking Group PLC ("ABG", the "Company" or the "Group") announces
today that it has reached agreement to renew the private issue of its sub
ordinated loan ("the Loan") issued on a bilateral basis to Proventus Capital
Partners, a Swedish Debt fund (originally announced on 3 June 2019). The Loan
is being increased by £1,000,000 to £26,000,000 before fees and expenses.

 

The Loan is expected to be drawn on 3 June 2024 which is the fifth anniversary
of the initial loan. The Loan is expected to mature on 3 June 2034 but can be
repaid by ABG after the fifth anniversary. Interest is payable on the Loan at
a rate of 7.25% plus SONIA.

 

Repayment of the initial loan and issuance of the Loan as part of the capital
resources of the Group is subject to approval by the Prudential Regulation
Authority. A further announcement will be made in due course.

 

It is expected this will be classified as Tier 2 for capital purposes and will
maintain the current levels of capital to support the strategic plans of the
Group.

The Directors of the Company accept responsibility for the contents of this
announcement.

The information contained within this announcement is deemed to constitute
inside information as stipulated under the retained EU law version of the
Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK
law by virtue of the European Union (Withdrawal) Act 2018. The information is
disclosed in accordance with the Company's obligations under Article 17 of the
UK MAR. Upon the publication of this announcement, this inside information is
now considered to be in the public domain.

 ENQUIRIES:

 Arbuthnot Banking Group                                               020 7012 2400
 Sir Henry Angest, Chairman and Chief Executive
 Andrew Salmon, Group Chief Operating Officer
 James Cobb, Group Finance Director

 Grant Thornton UK LLP (Nominated Adviser and AQSE Corporate Adviser)  020 7383 5100
 Colin Aaronson
 Samantha Harrison
 Ciara Donnelly

 Shore Capital (Broker)                                                020 7408 4090
 Daniel Bush
 David Coaten
 Tom Knibbs

 H/Advisors Maitland (Financial PR)                                    020 7379 5151
 Sam Cartwright

 Neil Bennett

 

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