IN BRIEF: Castelnau secures new PS65 million loan facility

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Castelnau Group Ltd - Guernsey-based closed-ended investment company - Secures new £65 million 3-year loan facility with Shawbrook Bank Ltd, a UK provider of specialist financing products to businesses. The loan is a secured revolving credit facility secured by assets of the company at an ‘attractive’ interest rate, Castelnau says. The loan will initially be drawn to repay the existing £60 million loan from Phoenix UK Fund Ltd and associated costs of the refinancing, and will result in ‘significant’ interest cost savings, Castelnau adds.

Chief Executive Officer Richard Brown says: ‘We are extremely pleased to have secured this facility from Shawbrook, which doesn’t just reduce our ongoing costs, but helps to normalise our capital structure. We look forward to broadening our commercial relationship with Shawbrook going forward.’

Current stock price: 77.00 pence each, closed 2.5% lower on Monday in London

12-month change: down 23%

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