BIT
19/05/2015 08:30
GENERAL
NOT PRICE SENSITIVE
REL: 0830 HRS The Bankers Investment Trust Plc
GENERAL: BIT: Fixed Rate Borrowing
HENDERSON INVESTMENT FUNDS LIMITED
THE BANKERS INVESTMENT TRUST PLC
18 May 2015
THE BANKERS INVESTMENT TRUST PLC (" the Company")
Fixed Rate Borrowing
The Board of the Company announces that it has agreed to issue ?50m fixed
rate 20 year unsecured private placement notes (the "Notes") at an annualised
coupon of 3.68%.
This transaction will obtain fixed rate long dated Sterling denominated
financing at a pricing that the Company considers attractive and is expected
to enhance long term investment performance. Additionally, the issue
anticipates the due repayment of the Company's ?10m 10.5% Debenture Stock on
31 October 2016.
The funding date is expected to be 27 May 2015 and the Notes are due to be
repaid on 27 May 2035. The interest payment dates will be 27 May and 27
November.
The Notes will be unsecured which gives the Company increased flexibility to
manage its borrowings in the future.
There has been no change in the Company's policy on gearing, as set out on
pages 4 & 24 of the 2014 Annual Report. Total fixed rate borrowing, including
the Notes, will increase from ?25m to ?75m following completion of this
transaction.
The weighted average interest payable on the Company's fixed rate borrowings
will decrease from 9% to 5.4% as at the date of funding and will further
decrease to 4.7% following the due repayment of the 10.5% Debenture Stock in
October 2016.
Enquiries:
The Bankers Investment Trust PLC Tel:
+44 (0)20 7818 4233
Richard Killingbeck - Chairman
Susan Inglis - Senior Independent Director
Henderson Global Investors
James de Sausmarez - Director, Head of Investment Trusts
Tel: +44 (0)20 7818 1818
Alex Crooke - Fund Manager Tel: +44
(0)20 7818 4447
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.
End CA:00264451 For:BIT Type:GENERAL Time:2015-05-19 08:30:37
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