24 Sep 2020 07:00
STANDARD LIFE PRIVATE EQUITY TRUST PLC
Legal Entity Identifier (LEI): 2138004MK7VPTZ99EV13
24 September 2020
Increase of Loan Facility
The Board of Standard Life Private Equity Trust plc ("the Company") is pleased to announce an expansion of its syndicated multi-credit facility agreement ("Loan Facility"). The sums available to the Company under the Loan Facility have been increased from £100m to £200m, whilst State Street Bank International has been added to the syndicate of banks providing the Loan Facility alongside current providers Citi and Société Générale.
There have been no changes to the financial covenants or expiry date of the Loan Facility, which remains as December 2024.
The Loan Facility is currently undrawn. The interest rate on the Loan Facility is LIBOR / EURIBOR plus 1.625%, rising to 2.0% depending on utilisation, and the commitment fee payable on non-utilisation is unchanged at 0.7% per annum. An arrangement fee of 0.8% is payable on the additional £100m available to the Company.
Christina McComb, the Company's Chair, said "This is an extremely positive result for the Company, particularly in the challenging economic conditions. The Board is delighted with the continued strong support from our existing lenders and welcomes State Street to the syndicate. The Company continues to have a strong pipeline of investment opportunities in primary funds, secondaries and co-investments and the extended Loan Facility enables the Manager to take further advantage of this."
For further information please contact
Alan Gauld, Fund Manager (0131 528 4424)
Evan Bruce-Gardyne, Client Director (0131 372 1692)
Aberdeen Standard Investments