REG - AVI Global Trust PLC - Planned issue of Japanese Yen fixed rate debt

AVI Global TrustAnnouncement

25/07/2024 16:45

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240725:nRSY9050Xa&default-theme=true

RNS Number : 9050X  AVI Global Trust PLC  25 July 2024

AVI GLOBAL TRUST PLC

 

Legal Entity Identifier (LEI): 213800QUODCLWWRVI968

 

25 July 2024

 

Planned issue of Japanese Yen fixed rate debt

 

AVI Global Trust plc (the Company) has today entered into a preliminary
agreement to issue Japanese Yen (JPY) 5bn fixed rate unsecured debt, for a
term of fifteen years. Subject to final documentation, the annual interest
rate on the debt will be 2.28%. The debt will be denominated in JPY and is
equivalent to approximately GB£25million at current exchange rates.

 

The Company currently has in issue the following fixed rate debt (the
“Notes”):

 

GB£30m          4.184% Series A Sterling Senior Unsecured Loan Notes,
due 15 January 2036

EUR30m          3.249% Series B Euro Senior Unsecured Loan Notes, due 15
January 2036

EUR20m          2.93%  Euro Senior Unsecured Loan Notes, due 1 November
2037

JPY8bn           1.38%  JPY Senior Unsecured Loan Notes, due 6 July
2032

JPY4.5bn         1.44%  JPY Senior Unsecured Loan Notes, due 6 July 2032

 

 

In addition, the Company has a JPY12bn multi-currency revolving credit
facility, of which JPY8bn is currently drawn down. This facility is due to
mature, and the purpose of this new note will be to partially replace that
facility.

 

The Company is currently 7% geared on a net basis (107% invested), and the pro
forma net gearing is forecast to remain at this level.

 

Assuming that the debt issue proceeds as planned, the Company's weighted
average interest on its fixed rate borrowings will be 2.5%, marginally down
from its current weighted average rate of 2.6%.

 

The Board expects to announce the completion of the necessary documentation
within seven weeks of the date of this announcement.

 

 

Enquiries:        Asset Value Investors Ltd

                        020 7659 4800

 

 

 

Disclaimer

The Notes have not been and will not be registered under the U.S. Securities
Act of 1933, as amended (the "Act") and may not be offered or sold in the
United States absent registration or an applicable exemption from the
registration requirements of the Act. This notice is for information only,
does not constitute an offer to sell or the solicitation of an offer to buy
any security and shall not constitute an offer, solicitation or sale of any
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  IODBUGDRBXDDGSU