Witan Investment Trust plc ("the Company") has agreed to issue a £50 million fixed rate 32 year secured private placement note at a coupon of 2.39% (the "Note"). The purpose of this transaction is to obtain fixed rate long dated Sterling denominated financing at a pricing level that the Company considers attractive, which is expected to enhance long-term investment performance. The funding date is expected to be 1 October 2019 with interest payable semi-annually. The principal repayment date will be 1 October 2051. Total structural borrowings including the Note will increase from £172 million to £222 million following completion of this transaction (10.9% of net assets). In the near-term, it is expected that the proceeds will be mainly used to repay short-term borrowings (currently £81 million).