LONDON (ShareCast) - (Sharecast News) - Keystone Investment Trust said on Monday that it intends to redeem all of its outstanding 7.75% debenture stock 2020, and all of the outstanding 6.5% bonds 2023, both on 13 March.
The London-listed company said the fair values of the stock and the bonds used in calculating the company's net asset value were close to their respective redemption prices.

As a result, the board said it had taken the view that this was an opportune time to redeem the debt securities, and introduce replacement borrowings in the form of a bank facility.

"We are pleased to be able to refinance the company's debt, which introduces more flexible and lower cost borrowings in place of the legacy instruments," said chairman Karen Brade.

"This is a further initiative towards enhancing Keystone's proposition, following the move to quarterly dividends, the proposed share split, and the share buyback announced in December."

At 1037 GMT, shares in Keystone Investment Trust were down 0.3% at 1,747.20p.

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