Cancellation of interest rate swaps
Shaftesbury PLC announces that, today, it has cancelled interest rate swaps with a notional principal of £55 million at a cost of £34.1 million, £3.9 million less than the mark to market valuation at 30 September 2016. The termination cost is equivalent to a reduction in EPRA NAV of 12 pence per share. This transaction reduces our blended cost of debt by c 40 basis points. Together with our recent successful £285 million bond issue, which reduced our cost of debt by c. 25 basis points, the overall reduction in our blended cost of debt from this recent financing activity is c. 65 basis points.
14 October 2016
For further information:
Shaftesbury PLC 020 7333 8118
Capital Access Group 020 3763 3400
Brian Bickell, Chief Executive
Chris Ward, Finance Director
This document may contain certain 'forward-looking' statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances. Actual outcomes and results may differ materially from any outcomes or results expressed or implied by such forward-looking statements.
Any forward-looking statements made by, or on behalf of, Shaftesbury PLC speak only as of the date they are made and no representation or warranty is given in relation to them, including as to their completeness or accuracy or the basis on which they were prepared. Shaftesbury PLC does not undertake to update forward-looking statements to reflect any changes in its expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based.
Information contained in this document relating to Shaftesbury PLC or its share price, or the yield on its shares, should not be relied upon as an indicator of future performance.
This information is provided by RNS