Overview
RIT Capital Partners is borrowing £151m in three tranches of fixed rate debt with maturities in 10, 15 and 20 years time. They will be unsecured and pay fixed interest semi-annually at annualised coupons of between 3.00% and 3.56%, with a weighted average of 3.45%. The Notes were priced on 22 April 2015 and the funding date is expected to be 1 June 2015.
The proceeds will be used to repay existing floating rate, short-term credit facilities and as a result of the transaction, the total drawn borrowings of £400m are not expected to change. The weighted average interest payable on all borrowings following the transaction is expected to be approximately 2.36%.
RCP : RIT Capital issues fixed rate debt