ICG-Longbow Snr Sec UK Prop DebtInv Advancement of Loan (9332Q)
25 February 2019 - 6:00PM
UK Regulatory
TIDMLBOW
RNS Number : 9332Q
ICG-Longbow Snr Sec UK Prop DebtInv
25 February 2019
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY, IN OR INTO, THE UNITED STATES, AUSTRALIA, CANADA, THE
REPUBLIC OF SOUTH AFRICA OR JAPAN.
25th February 2019
ICG-Longbow Senior Secured UK Property Debt Investments Limited
(the Company)
Advancement of Loan
The Company announces that it has arranged a new GBP15.0 million
loan to the Bliss Hotels group.
The loan carries an initial LTV ratio of 59.5% and is secured by
a first ranking charge over a hotel and leisure complex in
Southport, Merseyside. The Company (via its subsidiary) has
advanced an initial GBP12.5 million of the loan facility, with the
balance of the commitment available for business plan renovation
initiatives which in the Company's opinion will create significant
further value.
The loan matures in April 2023 and is fully compliant with the
Company's investment parameters. It provides an attractive risk
adjusted return, increasing the Company's weighted average
investment coupon to 6.25% whilst also benefitting from arrangement
and exit fees.
In making the investment the Company has made a first drawing of
GBP3.5 million on its working capital facility with OakNorth Bank
plc.
Estera International Fund Managers (Guernsey) Limited: +44
(0)14 8174 2742
Cenkos Securities:
Will Rogers +44 (0)20 7397 1920
Alex Collins +44 (0)20 7397 1913
Maitland Consultancy Limited:
Rebecca Mitchell +44 (0)20 7379 5151
ICG-Longbow
Martin Wheeler +44 (0)20 3201 7502
David Mortimer +44 (0)20 3201 7532
Further information on the Company can be found on its website
at http://www.lbow.co.uk.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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