- Investment company The Monks Investment Trust said it has issued £100m of long-term, fixed rate, senior, unsecured privately placed notes to provide it with further long-term financing at 'highly attractive' rates.

The new privately placed notes are being issued in two tranches, with the first tranche of £60m with a fixed coupon of 1.86% to be repaid in 2054 and the second at £40m with a fixed coupon of 1.77% to be repaid in 2045.

The company confirmed that coupons will be payable semi-annually and the funding date for both tranches is 7 August 2020.

The new £100m financing will be available to bring the investment trust’s level of gearing into line with its target level of 10%.

Chairman James Ferguson said: 'I am delighted that Monks has been able to raise private placement debt at highly attractive long-term rates. 'The board is confident that the investment of these proceeds will enhance the long-term returns for our shareholders.'

At 9:17am: [LON:MNKS] Monks Investment Trust PLC share price was -8p at 1124p

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