The Monks Investment Trust PLC announced that it has issued GBP 74 million of fixed rate, senior, unsecured privately placed notes, denominated in Euros and Japanese Yen, over periods ranging from 7 to 14 years. This transaction provides the Company with medium-term financing at a range of maturities and a competitive weighted average interest rate of 3.96%. The Board remains committed to the strategic use of borrowings for the Company in order to enhance returns to shareholders over the long term and has set a guideline gearing level of 10%.

This new financing will be available to bring Monks' level of gearing into line with this target level, and to reduce the average cost of borrowing. The new privately placed notes have been issued in four tranches: EUR 18 million with a fixed coupon of 4.30% to be repaid in 2030; EUR 35 million with a fixed coupon of 4.29% to be repaid in 2033; EUR 18 million with a fixed coupon of 4.55% to be repaid in 2035; and JPY 2,500 million with a fixed coupon of 2.17% to be repaid in 2037. Coupons will be payable semi-annually.

The funding date for all tranches is 12 December 2023.