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BMO Private Equity Trust secures new credit facility

BMO Private Equity Trust (BPET) has announced that it has entered into a new five-year unsecured credit facility agreement with The Royal Bank of Scotland International Limited. The new facility is comprised of a €25 million term loan and a £75 million multi-currency revolving credit facility. It replaces BPET’s previous arrangements with Royal Bank of Scotland plc. These comprised a €30 million term loan and £45 million multi-currency revolving credit facility.

Larger and cheaper

The Board says that it is pleased to have secured this new, larger and cheaper facility which will allow BPET to maintain a moderately but flexibly geared structure with the ability to draw borrowings in multiple currencies.

About BMO Private Equity Trust

BMO Private Equity Trust (formerly F&C Private Equity : FPEO) offers access to a diverse spread of private equity investments principally through exposure to specialist private equity funds and co-investments in individual companies. In particular the fund manager looks to identify those with a proven ability to make excellent absolute returns over the medium to long term. The trust aims to provide shareholders with a predictable and above average dividend funded from a combination of revenue and realised capital profits.

BMO Private Equity Trust has a split capital structure with ordinary shares and zero dividend preference shares. The fund’s website can be accessed here.

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