F&C Private Equity will replace its zero dividend preference share issue with a new debt facility. The ZDPs mature in December this year and the Board of F&C Private Equity has concluded that the most cost effective and flexible way of funding this and maintaining some modest level of gearing within the fund is to secure a debt facility. This has been provided by The Royal Bank of Scotland, has a five year term and consists of two elements – a €30m term loan available from September and a £45m multi-currency revolving credit facility which is available now. No interest rates are disclosed but the Board says the debt facility will be considerably cheaper than the GRY on the ZDPs and cheaper than the previous RBS facility (which this arrangement replaces).
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