TIDMLBOW
RNS Number : 1030D
ICG-Longbow Snr Sec UK Prop DebtInv
26 January 2018
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY, TO U.S. PERSONS OR IN, INTO OR FROM,
THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA
OR JAPAN OR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.
26 January 2018
ICG-Longbow Senior Secured UK Property Debt Investments
Limited
(the "Company" or "Group")
Increase and extension to existing loan
and
pipeline update
The Company is pleased to announce that it has agreed to fund an
increase and extension to an existing loan secured by a North
London retail park (the "Meadow Loan"). The increase, which takes
the aggregate loan to GBP20 million, is on substantially the same
terms and conditions as the existing facility, with an increased
LTV of 69.4% and the final maturity date extended to January
2020.
Following completion of the increase and extension, the
Company's weighted average investment coupon increases to 6.29% (31
October 2017: 6.26%), and LTV increases to 61.3% (31 October 2017:
60.1%).
As noted in the factsheet for the quarter ending 31 October
2017, Intermediate Capital Managers Limited (the "Investment
Adviser") is currently executing two new loans representing
approximately GBP33 million of new investment. The first loan
relates to a multi-let office property in Bristol, with an expected
initial LTV of approximately 67%, rising to a maximum 77% following
drawdown of a committed capital expenditure facility. The second
relates to a London industrial estate with an expected LTV of
approximately 65%. Each loan will enhance the weighted average
investment coupon of the portfolio, extend the weighted average
portfolio maturity, and will be accretive to shareholders.
The Investment Adviser continues to develop an encouraging
pipeline with over GBP100 million of potential new opportunities
currently under review, across all the main property sectors and in
a mix of UK regions. It is also continuing to engage with the
Company's existing borrowers to support loan increases, extensions
and recapitalisations as required. The risk and return profile of
these deals is comfortably in line with that envisaged at the time
of the continuation vote, with loan-to-value ratios, on average,
below 75% and investment coupons above the Company's current
weighted average.
The proposed investments all remain subject to contract and due
diligence, and there can be no assurance that they will complete.
However, if progressed, the Board will need to consider a further
fundraising under the Company's current approved placing programme.
The size of any share issuance will be determined in due course in
light of the existing cash resources, any potential loan
redemptions in the near term and the development of the broader
pipeline, in order to ensure that the Company does not experience
avoidable cash drag.
For further information please contact:
Estera International Fund Managers (Guernsey)
Limited:
James Christie +44 (0)14 8174 2742
Cenkos Securities:
Will Rogers +44 (0)20 7397 1920
Alex Collins +44 (0)20 7397 1913
Tom Scrivens +44 (0)20 7397 1915
Oliver Packard +44 (0)20 7397 1918
Andrew Worne +44 (0)20 7397 1912
Maitland Consultancy Limited:
Seda Ambartsumian +44 (0)20 7379 5151
ICG-Longbow
Martin Wheeler +44 (0)20 3201 7502
David Mortimer +44 (0)20 3201 7532
ICG Longbow LEI: 2138008BKBH3OP2CA764
The content of this announcement has been prepared by, and is
the sole responsibility of, ICG-Longbow Senior Secured UK Property
Debt Investments Limited.
Neither the content of the Company's website nor any website
accessible by hyperlinks to the Company's website is incorporated
in, or forms part of, this announcement. The distribution of this
announcement into jurisdictions other than the United Kingdom may
be restricted by law. Persons into whose possession this
announcement comes should inform themselves about and observe any
such restrictions. Any failure to comply with these restrictions
may constitute a violation of the securities laws or regulations of
any such jurisdiction.
In particular, this announcement should not be distributed,
forwarded to or transmitted, directly or indirectly, in whole or in
part, in into or from the United States, Australia, Canada, Japan
or the Republic of South Africa or any other jurisdiction where to
do so may constitute a violation of the securities laws or
regulations of any such jurisdiction.
Certain statements made in this announcement are forward-looking
statements. These forward-looking statements can be identified by
the fact that they do not relate only to historical or current
facts. Such statements are based on current expectations and
assumptions and are subject to a number of risks and uncertainties
that could cause actual events or results to differ materially from
any expected future events or results expressed or implied in these
forward-looking statements.
The information contained in this announcement is subject to
change without notice and the Company does not take any
responsibility or obligation nor does it intend to revise or update
publicly this announcement to reflect events or circumstances after
the date of this announcement (except to the extent required by the
FCA, the London Stock Exchange or by applicable law, the Listing
Rules, the EU Market Abuse Regulation No. 596/2014 or the
Disclosure Guidance and Transparency Rules).
This announcement does not constitute a prospectus relating to
the Company and does not constitute, or form part of any offer or
invitation to sell or issue, or any solicitation of any offer to
purchase or subscribe for, any shares in the Company in any
jurisdiction nor shall it, or any part of it, or the fact of its
distribution, form the basis of, or be relied on in connection with
or act as any inducement to enter into, any contract therefor.
None of the Investment Adviser or Cenkos Securities plc
("Cenkos"), or any of their respective affiliates, accepts any
responsibility or liability whatsoever for or makes any
representation or warranty, express or implied, as to this
announcement, including the truth, accuracy or completeness of the
information in this announcement (or whether any information has
been omitted from the announcement) or for any loss howsoever
arising from any use of the announcement or its contents aside from
the responsibilities and liabilities, if any, which may be imposed
by FSMA, as amended or the regulatory regime established thereunder
or any other applicable regulatory regime. The Investment Adviser
and Cenkos and their respective affiliates, accordingly disclaim
all and any liability whether arising in tort, contract or
otherwise which they might otherwise have in respect of this
announcement or its contents or otherwise arising in connection
therewith.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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