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QuotedData’s other news 30 April 2019

British Empire Trust (BTEM) has entered into an agreement with Scotiabank Europe for a Japanese Yen 4.0bn revolving credit facility for a period of three years. The facility is equivalent to £27.7m at current exchange rates. BTEM wants to add some flexibility to the management of its gearing and the new facility will also bring down the weighted cost of debt from 4.3% to 2.9%. This replaces the company’s £15m 8.125% debenture which was due for repayment on 2 July 2023 but is being repaid early. The hit to the fund is about £4.4m (as debenture holders will receive £129.282 for every £100 worth of debentures that they hold). The company justifies this by saying it will save £930,000 a year in interest.

LMS Capital (LMS) has this morning released its first quarter numbers, covering the period from January 1st. The company invests in American and UK-based businesses and is increasingly targeting smaller companies, which we discussed last month following the publication of its annual results. Click here to read more on this story.

Other stories published this morning on

Carador Income Fund discusses wind-down timeline

Hedge fund trust Third Point Offshore Investors has solid start to 2019

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