APR Apr Energy

RNS Number:6042A
Aberdeen Preferred Income Trust PLC
30 August 2002


30 August 2002

ABERDEEN PREFERRED INCOME TRUST PLC (the "Company")

Banking Arrangements

Since the Company's year end on 28 February 2002, the Company has prepaid bank
borrowings as follows:-

Prepayment date              Sterling borrowings              Euro borrowings

                             #81 million                      Eu. 34 million

28.03.02                     (#12 million)                    (Eu. 34 million)

28.06.02                     (#21 million)                    -

16.08.02                     (#9 million)                     -

                             _________                        ______
                             #39 million                      Eu. Nil

Notwithstanding these prepayments the Company continues to be in breach of its
banking covenants, with adjusted total assets as at 23 August 2002 being 123.99%
of total borrowings compared to the minimum covenant requirement of 200%. As
part of ongoing discussions with the lending banks, the Company has confirmed to
the banks that it will defer payment of the half-yearly interest due on 31
August 2002 on the 9% Subordinated Unsecured Loan Stock 2023 until after
repayment of the outstanding #39 million of bank borrowings (which falls due on
31 December 2002). In addition the board does not expect that the half-yearly
dividend on the Stepped Preference Shares will be paid in November 2002.

Further details regarding the above will be included in the annual report and
accounts expected to be sent to shareholders and stockholders tomorrow.

                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

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