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Arbuthnot Banking Group PLC - London-based merchant bank - Agrees to renew the private issue of its subordinated loan to Proventus Capital Partners, a Swedish debt fund. Arbuthnot said it is increasing the loan, issued in June 2019, by GBP1 million to GBP26.0 million before fees and expenses. The loan is expected to be drawn June 3, 2024 and to mature June 3, 2034. Interest on the loan will be payable at a rate of 7.25% plus sterling overnight index average. It is expected that this loan will be classified as tier two for capital purposes.
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By Hugh Cameron, Alliance News reporter
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