A new financing arrangements has been finalized by
The facility is constituted of a
The trust has been considering its options for funding the repurchase of its zero dividend preference shares, which are zero coupon securities generally published by closed-ended investment firms, and decided that the most cost effective and flexible means of doing so would be to raise and extend its current loan package.
The interest rate on the new loan package would be "significantly lower" than the original gross redemption yield, or yield to maturity, on the maturing zero dividend preference shares. The margin payable is less than the margin on the previous
The trust stated, "The board is pleased to have secured a facility which will fund the redemption of the ZDPs and believes that the new facility will allow the company to maintain a moderately but flexibly geared structure with the ability to draw its borrowings in multiple currencies and to maintain a fully invested portfolio".
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