British Empire Trust announced that it has received the debt funding set out in the announcement, namely 20 year unsecured private placement notes issued in two tranches: The first tranche is GBP million. The second tranche is EUR 30 million (equivalent to approximately GBP 22.6 million at the closing exchange rate on 14 January 2016). The blended annualized cost of the new debt is 3.78%.

The Notes are due to be repaid on 15 January 2036. The interest payment dates will be 15 January and 15 July. Total fixed rate borrowing, including the Notes, has increased from GBP 15 million to GBP 67.6 million following completion of this transaction.