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(Alliance News) - Shires Income PLC said on Monday it has entered into a new GBP20 million loan facility agreement with Scotiabank Europe PLC.
The new facility is for a three year period to September 20, 2022 and extends the company's previous GBP20 million loan facility agreement with Scotiabank which was due to mature on October 30, 2020.
Under the terms of the new facility, a GBP10 million fixed rate loan has been drawn down at an all-in interest rate of 1.706% per year. This rate is fixed until the maturity of the facility and the proceeds have been used to repay the company's previous GBP10 million fixed rate loan which had a higher interest rate.
In addition, GBP9 million has been drawn down on a revolving basis with first maturity on October 21, 2019, and the proceeds have been used to repay the company's previous drawings under the old facility.
Following the drawdowns under the new facility, the company's borrowings stand unchanged at GBP19 million.
Shares in Shires Income were down 0.6% at 259.04 pence in London on Monday.
By Lucy Heming; lucyheming@alliancenews.com
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