TIDMLBOW

RNS Number : 8172T

ICG-Longbow Snr Sec UK Prop DebtInv

23 July 2020

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO, THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA OR JAPAN.

23 July 2020

ICG-Longbow Senior Secured UK Property Debt Investments Limited (the Company)

Portfolio Update

The Company has provided a new GBP16.9 million loan facility to a vehicle managed by GMG Real Estate, in support of its purchase of an office property in St James's leased to a UK Government agency. The Company is participating in a larger GBP22.3 million facility alongside another fund managed by the Investment Adviser, on a fully pari passu basis in line with the Company's investment criteria.

The day 1 drawing on the loan is GBP12.8 million, representing an initial LTV ratio of 70.0%, and the facility includes a capital expenditure commitment in support of the sponsor's business plan to refurbish the property during the loan term. In addition to an attractive coupon, the facility is structured with contractual arrangement and exit fees and is accretive to shareholders.

As a result of the new investment and recent portfolio changes, as at 23 July the Company has total committed facilities of GBP130.2 million, of which GBP119.7 million has been drawn. In support of these new investment commitments the Company has drawn down GBP4.4 million on its revolving credit facility.

The Company is currently documenting a new GBP7.8m loan secured by an industrial investment, which it expects to complete in the coming weeks.

For further information, please contact:

 
 Ocorian Administration (Guernsey) Limited 
 Louise Manklow       +44 (0)14 8174 2742 
 Cenkos Securities: 
 Will Rogers          +44 (0)20 7397 1920 
 Maitland Consultancy Limited: 
 Vikki Kosmalska      +44 (0)20 7379 5151 
 ICG Real Estate 
  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 .

ICG Longbow LEI: 2138008BKBH3OP2CA764

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