Lon.&Assoc.Props PLC New Loan Facility
October 01 2018 - 2:00AM
UK Regulatory
TIDMLAS
FOR IMMEDIATE RELEASE
1 October 2018
LONDON & ASSOCIATED PROPERTIES PLC ("LAP"):
NEW LOAN FACILITY
LAP today announces that it has completed a new 10-year GBP3.93 million loan
facility (with a 5-year mutual break option) with Metro Bank. This new facility
replaces the GBP3.0 million 11.6% 1988 Prudential debenture that was repaid from
cash reserves in August this year.
The loan to value is 65%, with amortisation based on a 20-year repayment
profile. No hedging is required and the new loan delivers debt service savings
of cGBP0.2m per annum compared to the Prudential loan.
John Heller, LAP's Chief Executive, said: "We are delighted to have formed a
new relationship with Metro Bank. Although this is a relatively small loan, we
hope this is the start of a bigger relationship over time. The transaction was
very straightforward, and the bank has been a pleasure to deal with".
Mark Stokes, Managing Director - Commercial Banking at Metro Bank added: "The
LAP team are highly regarded across the sector and we are delighted to have
supported them with this lending facility. We look forward to strengthening our
relationship with LAP over the years to come".
Ends.
Contact:
John Heller, Chief Executive, LAP
Tel: 020 7415 5000
Baron Phillips, Baron Phillips Associates. Tel:
07767 444193
END
(END) Dow Jones Newswires
October 01, 2018 03:00 ET (07:00 GMT)
London & Associated Prop... (LSE:LAS)
Historical Stock Chart
From Apr 2024 to May 2024
London & Associated Prop... (LSE:LAS)
Historical Stock Chart
From May 2023 to May 2024