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Hercules Unit Trust signs £350 million financing

Hercules Unit Trust has signed a new £350 million five year loan facility provided by Lloyds TSB Bank PLC, Metropolitan Life Insurance Company (MetLife) and The Royal Bank of Scotland plc (RBS). The £250 million term loan, provided in equal shares by MetLife and RBS, will be used to fully repay the existing credit facility three months before it expires in October 2012. The interest rate on the term loan has been swapped to a fixed rate, resulting in an all-in rate including margin and arrangement fees below the fixed interest rate under the existing financing.

A further £100 million revolving loan has been provided by Lloyds and will provide flexibility for Hercules in respect of acquisitions, capital projects, disposals and genera...[…]