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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Scottish American Investment Co. Plc | LSE:SCAM | London | Ordinary Share | GB0007873697 | ORD 25P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 417.50 | 416.00 | 419.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMSAIN
RNS Number : 6338A
Scottish American Investment Co PLC
02 June 2021
The Scottish American Investment Company P.L.C. (SAIN)
Agreement of principal terms for additional long-term debt
Legal Entity Identifier: 549300NF03XVC5IFB447
The Scottish American Investment Company Trust P.L.C. ('SAINTS') announces that it has agreed principal terms (subject to legal agreements being finalised) to issue GBP15 million of long-term private placement debt to augment its existing long-term borrowings. The debt will be secured, unlisted and denominated in sterling.
The purpose of this transaction is to obtain additional long-dated financing at what the Company believes to be attractive pricing levels, with the intention of enhancing shareholder returns and income over the long term.
The principal terms provide for the issue of a single GBP15 million tranche of private placement notes ('the Notes'). The Notes will have a fixed coupon of 2.23% with a funding date of 25 June 2021 and a repayment date of 25 June 2036. All coupons will be payable semi-annually. It is expected that legal agreements will be finalised shortly.
Pension Insurance Corporation plc has agreed to purchase the Notes.
Peter Moon, Chairman of SAINTS, says:
"I am pleased to say that we have been able to take advantage of current market conditions to secure additional long-term borrowing at a fixed rate of just over 2.2% per annum.
In arranging this refinancing, the Board has considered the benefit to the Company of having additional long term debt and the likely returns and income which will be produced for shareholders by associated investments over time, as well as the cost of this borrowing."
Baillie Gifford & Co Limited
Company Secretaries
2 June 2021
Regulated Information Classification: Additional regulated information required to be
disclosed under the laws of a Member State.
-ENDS-
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END
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(END) Dow Jones Newswires
June 02, 2021 11:14 ET (15:14 GMT)
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