Picton pays down debt

Money £50 notes

Source: Shutterstock/Claudio Divizia

Picton has made a payment to reduce the group’s debt by £33.7 million, which has led to a drop in its loan to value (LTV).

The repayment will be funded by £23m of cash resources, generated from recent asset disposals, and by using its revolving credit facility (RCF), which has a current interest rate of 2.4%, compared to the interest rate on the debt being repaid of 4.08%.

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