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QuotedData’s morning briefing 13 December 2024 – MRCH, CORD

a cup of coffee and a slice of a fruit loaf

In QuotedData’s morning briefing 13 December 2024:

  • Merchants Trust (MRCH) has agreed to issue two £25m fixed rate 15 year secured private placement notes at a coupon of 5.91%, raising total proceeds of £50m. The purpose of the notes is to take advantage of MRCH’s ability to use gearing, with the aim of enhancing its long-term investment performance. The proceeds of the notes will be used to repay borrowings of £42m taken out in 2019 that mature at the end of January 2025 and for other investment and general corporate purposes. The funding date will be 21 January 2025. Interest will be payable semi-annually to one institutional investor on 21 July and 21 January (first payment on 21 July 2025) and quarterly interest will be payable to the other institutional investor on 21 April, 21 July, 21 October and 21 January (first payment on 21 April 2025). Colin Clark, chairman said “The board believes borrowing is beneficial for shareholders as it can enhance longer term returns, provided the investment portfolio total return exceeds the cost of debt, albeit with the risk of higher volatility in capital returns. The new borrowing will increase the weighted average duration of drawn debt from 10.6 years to 16.4 years with the overall average cost of debt remaining at 5.1%.”
  • Cordiant Digital Infrastructure (CORD) has announced that Steven Marshall, chairman and co-founder of CORD, purchased 1,000,000 of its ordinary shares at an average price of 90.7 pence on 11 December 2024. Following this purchase, Steven Marshall owns a total of 11,695,425 ordinary shares and the number of ordinary shares held by the directors of the company and the investment manager (either directly or by its staff) now represents 1.95% of CORD’s entire issued share capital.

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