LONDON (Alliance News) - F&C Commercial Property Trust Ltd Friday said its shareholders approved its move to hold its next continuation vote in 2024, rather than it previous obligation to hold a bote in 2015 and then every five years.
The resolution was passed at a general meeting Friday.
The trust also said it has entered into a conditional ten year term loan facility agreement with Legal & General Pensions Ltd. Under this facility, it will be entitled to draw down up to GBP260 million to finance the repayment of the GBP230 million of its secured bonds and the GBP30 million drawn down under the Barclays Prime Four Facility.
It said it expects to fix the interest rate on the loan with L&G during November. It will repay the bonds on January 2, 2015, and the Barclays facility on December 31 of this year.
By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1
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