BMO Real Estate Investments Ltd Refinancing Update
30 March 2020 - 11:50PM
UK Regulatory
TIDMBREI
To: Company Announcements
Date: 30 March 2020
Company: BMO Real Estate Investments Limited
LEI: 231801XRCB89W6XTR23
Subject: Refinancing Update
REFINANCING UPDATE
Further to the announcement of the Interim Results on 26 March 2020 by BMO Real
Estate Investments Limited (the "Company") the Board can now confirm that IPT
Property Holdings Limited, a subsidiary of the Company, has executed a new GBP20
million 5-year revolving credit facility agreement with Barclays Bank plc which
is available until 27 March 2025.
This is an extension of a previous GBP20 million 5-year revolving credit facility
that was in place with Barclays and was due to expire in November 2020. The
interest rate that will be payable in respect of the facility is 1.7 per cent
per annum over 3-month LIBOR (previously subject to a ratchet mechanism and
between 1.45 - 1.70 per cent over 3-month LIBOR) and a commitment fee of 0.68
per cent per annum (previously 0.58 per cent) on the undrawn amount.
The facility is expected to remain undrawn in the near term but will provide
the Company with valuable liquidity in the current market environment.
Enquiries:
The Company Secretary
Northern Trust International Fund Administration Services (Guernsey) Limited
Trafalgar Court
Les Banques
St Peter Port
Guernsey
GY1 3QL
Tel: 01481 745001
Fax: 01481 745051
Peter Lowe
Scott Macrae
BMO Investment Business Ltd
Tel: 0207 628 8000
Fax: 0131 225 2375
END
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