The board of the £7.3bn Scottish Mortgage Investment Trust has borrowed a further £170m to increase its gearing facilities amid scope for "future long-term investment opportunities".
In an announcement this morning, the board said it has raised a further £170m in long-term, fixed rate, senior, unsecured private placement notes, denominated in sterling, with the financing costing just under 3% per annum. The board said as Scottish Mortgage's assets have grown in recent years, the relative level of the gearing in the portfolio has consequently fallen. However, given the "future long-term investment opportunities available" the board believes "a modest level of structural gearing" in the portfolio, which is managed by Baillie Gifford's James Anderson and Tom Slater, ...
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