22 Dec 2011 17:00
The following amendment has been made to the 'Debt Facility' announcement released on 22-12-11 at 14.15 under RNS No 5194U.
In the first paragraph the word 'President' should have read 'Precedent'.
All other details remain unchanged.
The full amended text is shown below.
To: Company Announcements
Date: 22 December 2011
Company: Standard Life Investment Property Income Trust Limited
Standard Life Investments Property Income Trust is pleased to announce that it has signed a new 7 year debt facility with RBS subject to completion of standard conditions precedent.
The existing facility with RBS is due to expire in December 2013 and totalled £84.4m. The new facility will be drawn down in January with hedging arrangements agreed to mitigate interest rate risk over the life of the loan.
The new facility is on attractive terms for the Company, and the exact rates will be confirmed in January when the full £84.4m is drawn down. The Company will maintain its existing hedge of £72m until December 2013. As at 30 September 2011 the hedge had a fair value liability of £6.9m, and this will trend to £0 over the next 24 months, adding 5p to the NAV per share. The Company intends to enter into a forward hedge for the remaining 5 years of the facility on the £72m, and will also enter into a 7 year swap on the remaining £12.4m drawn down.
Jason Baggaley, fund manager of the Standard Life Investments Property Income Trust, said " We have always enjoyed a close working relationship with RBS, and are delighted to have been able to agree this new facility well in advance of the expiry of our current facility."
All enquiries:
The Company Secretary
Northern Trust International Fund Administration Services (Guernsey) Limited
Trafalgar Court
Les Banques
St Peter Port
Guernsey
GY1 3QL
Renee McIver
Tel: 01481 745324
Fax: 01481 745085
Jason Baggaley, Standard Life Investments (Corporate Funds) Limited
Tel: 0131 245 2833
Gordon Humphries, Standard Life Investments (Corporate Funds) Limited
Tel: 0131 245 2735