Scottish Mortgage raises £200m through debt issuance

Trudt to back 'next generation' companies

Scottish Mortgage investment trust has raised £200m through the issuance of two long-term, fixed rate, senior, unsecured private placement notes.

According to the board of Scottish Mortgage, the level of borrowing for the trust has been increased to maintain an "appropriate level of gearing" as its assets continue to grow. Morningstar downgrades Scottish Mortgage as Stifel says to take profits The first issuance is a 15-year note with a fixed rate coupon of 2.03%, while the second is a 25-year with a fixed coupon of 2.3%. Both notes are for £100m, denominated in sterling and funded on 10 August. Banco Santander S.A. London acted as the placement agent for the transaction. "The ability to raise long-term capital in thi...