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BRIEF-Shaftesbury arranges 135 mln stg loan with Canada Life
April 22, 2014 / 6:27 AM / 4 years ago

BRIEF-Shaftesbury arranges 135 mln stg loan with Canada Life

LONDON, April 22 (Reuters) - Shaftesbury Plc

* Announces 15 year loan with Canada Life Investments

* Completion of refinancing with Lloyds Banking group

* Arranged a new £134.75 million fifteen year term loan with Canada Life Investments

* Loan has a fixed interest rate throughout the term. The loan is repayable in full at maturity in May 2029

* The company will cancel its £100 million revolving credit facility with Bank of Scotland, which was due to expire in September 2016

* Part of the proceeds of CLI loan will be applied to repaying drawings under the BoS facility and meeting the cost of terminating £110 million of interest rate swaps entered into with BoS.

* The cost of terminating those swap arrangements amounted to £29.0 million, equivalent to 10p per share

* The company’s revolving credit facility with Lloyds Bank, which matures in November 2018, will be increased by £25 million to £150 million

* A £30 million short-term credit facility entered into with Lloyds in February 2014 has now been cancelled Source text for Eikon: Further company coverage: <SHB.L.

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