British Empire Trust Plc entered into an agreement with Scotiabank Europe PLC for a JPY 4.0 billion revolving credit facility for a period of three years. The facility is equivalent to £27.7 million at current exchange rates. The facility will initially be drawn down and funds used to repay early the company's £15 million 8 1/8% Debenture stock. The company has given notice to debenture stock holders of its intention to repay these borrowings to stock holders on the register on 31 May 2019. The debenture stock was due to mature on 2 July 2023. The total cost of redeeming the debt is £19.9 million including accrued interest to 31 May 2019. Following this refinancing exercise, the company's weighted average interest on all borrowings will be reduced to 2.9%, compared with 4.3% currently.