The Board of The City of London Investment Trust plc announced that it has agreed to issue £50 million of fixed rate 32-year secured private placement notes at an annualised coupon of 2.94%. The funding date will be 17 November 2017, with interest payable semi-annually on 17 May and 17 November (first payment on 17 May 2018). The principal repayment date will be 17 November 2049. The Notes shall be direct secured obligations of the Company and rank pari passu with all other secured indebtedness of the Company. The purpose of the Notes is to secure fixed rate long dated Sterling denominated financing at a pricing level the Company considers attractive and to take advantage of the Company's flexibility to utilise both short and long term gearing in order to enhance performance.