ICG-Longbow Snr Sec UK Prop DebtInv Posting of Factsheet on Website (0543D)
04 July 2016 - 4:01PM
UK Regulatory
TIDMLBOW
RNS Number : 0543D
ICG-Longbow Snr Sec UK Prop DebtInv
04 July 2016
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY, IN OR INTO, THE UNITED STATES, AUSTRALIA, CANADA, THE
REPUBLIC OF SOUTH AFRICA OR JAPAN.
4th July 2016
ICG-Longbow Senior Secured UK Property Debt Investments Limited
(the Company)
Posting of Factsheet on Website
The Company has today posted its Factsheet for the quarter
ending 30 April 2016 on its website, at http://www.lbow.co.uk.
Inter-alia, the Factsheet sets out the Investment Manager's outlook
for the Company's loan portfolio, as follows:
"Following the "Leave" outcome of the UK Referendum on EU
membership, we are now entering a period of volatility, uncertainty
and adjustment in the UK which will affect the property investment
and property finance markets. The Investment Manager has considered
the impact of this outcome and remains confident in the underlying
quality and resilience of the Group's security portfolio from both
a capital and income perspective, given the senior secured risk
positioning, diversification at portfolio level by sector and
region and at loan level through exposure to predominantly
multi-property or multi-tenanted security.
In particular, the Group's 11 loans are underpinned by a
security portfolio comprising 74 properties and 275 tenants (plus
325 hotel rooms) which benefit from the conservative risk metrics
of 57.1% loan to value ratio and 174% interest coverage ratio,
whilst each loan also benefits from strong financial covenants. The
loan portfolio has no exposure to the Central London office or
residential markets, which the Investment Manager believes may be
disproportionately affected by the outcome of the vote, nor any
imminent loan maturities. As a consequence, the Investment Manager
believes the Group's loan portfolio to be well positioned to
withstand any short term volatility and downside risk, whilst
supporting the maintenance of the quarterly dividend payment."
The Factsheet also confirms that the Company has declared a
dividend of 1.5 pence per share in respect of the quarter ending 30
April 2016 and that the Company's NAV has increased to 102.45 pence
per share following the repayment of the Mansion loan, together
with associated exit and repayment fees.
For further information, please contact:
Heritage International Fund
Managers Limited:
Mark Huntley +44 (0)14
James Christie 8171 6000
Cenkos Securities Ltd
Will Rogers +44 (0)20 7397
Ollie Packard 1920
+44 (0)20 7397
1918
Maitland Consultancy Limited:
Rebecca Mitchell +44 (0)20 7379
Seda Ambartsumian 5151
Further information on the Company can be found on its website
at http://www.lbow.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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