£134.75M Deal with Shaftesbury

Canada Life Investments confirms it has agreed a £134.75m fifteen year fixed rate loan with Shaftesbury PLC. The loan, which is secured against certain properties held in a subsidiary company, is repayable in full at maturity in May 2029 and replaces an existing revolving credit facility provided by Bank of Scotland PLC.

This new loan will be used in part to repay drawings under the facility supplied by Bank of Scotland PLC and to meet the cost of terminating £110m of interest rate swaps entered into with Bank of Scotland PLC. The Balance will be used to repay existing indebtedness drawn under other revloving credit facilites.

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