Seneca Global Income & Growth has announced that it has put in place an extension of GBP4 million to its existing rolling debt facility making the total facility available GBP11 million.
This extension to the facility is on similar commercial terms to the facility announced on 2 November 2015 and the margin on the total facility remains at 0.7% over LIBOR.
This extension to the facility has been put in place partly to assist with the operation of the Discount Control Mechanism (“DCM”) which will be operated by Personal Assets Trust Administration Company Ltd, under the Board’s instructions, from 1 August 2016. The facility will enable gearing levels to be maintained should the DCM result in the issuance of new shares or will provide short term working capital should shares be re-purchased.
SIGT : Seneca Global Income & Growth gets debt facility for DCM