The Director (Resources and Property) has made the decision to repay the £4m loan to Barclays, along with an estimated early repayment premium of £307,320, accrued interest of £57,153 and fees of £10,000.
This is subject to interest movements since the quote was obtained. 0.1% movement in interest rates is anticipated to have an estimated £100,000 impact on the early repayment premium.
The accrued interest figure is based on a repayment date of 1 February 2023.