Alliance Trust PLC has issued £60 million fixed rate unsecured privately placed notes with maturities of 15, 25 and 35 years and coupons for each respective £20 million tranches of 2.657%, 2.936% and 2.897%. The closing and settlement date is November 28, 2018 with interest payable semi-annually. The purpose of this transaction is to obtain unsecured, fixed rate, long dated Sterling denominated financing at a pricing level that the Company considers attractive. The transaction is expected to provide the Company with a long term benefit through a full market cycle. The proceeds of the financing will be used to repay £60 million of the company’s existing £127 million of floating rate bank debt all of which is currently short term funding, such that the Company’s current drawn borrowings will remain unchanged after the Notes’ issuance at an amount of £245.45 million. As a result, fixed long term borrowing costs have reduced from 4.3% to 3.7%. With the increased long term debt the weighted average interest payable on drawn borrowing facilities will change from 2.7% to 3.1%.