ICG-Longbow Snr Sec UK Prop DebtInv Advancement of Loan (6652V)
February 01 2017 - 1:00AM
UK Regulatory
TIDMLBOW
RNS Number : 6652V
ICG-Longbow Snr Sec UK Prop DebtInv
01 February 2017
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY, IN OR INTO, THE UNITED STATES, AUSTRALIA, CANADA, THE
REPUBLIC OF SOUTH AFRICA OR JAPAN.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
1(st) February 2017
ICG-Longbow Senior Secured UK Property Debt Investments Limited
(the Company)
Advancement of Loan
Further to the repayment of the Raees International Ltd loan, as
notified on 27(th) October 2016, and the prior repayment of the
First Light portfolio loan on 4(th) July 2016, the Company has
redeployed the proceeds through the completion of a new GBP16.0
million loan to clients of BMO Real Estate Partners on 31(st)
January 2017.
The loan has a maturity date of April 2019 and is fully
compliant with the Company's existing investment parameters as set
out in the original Prospectus. The LTV of the loan is
approximately 55.5%, and it represents 14.6% of the Company's total
loan portfolio as at the date of completion.
The Company's weighted average LTV reduces to 57.5% (31(st)
October 2016: 57.8%) and weighted average ICR improves to 235%
(31(st) October 2016: 206%).
The loan is secured by first charges against a portfolio of 17
properties located across the UK, principally in the high street
retail and industrial sectors. The portfolio provides a diversified
income stream from lettings to 50 tenants.
This transaction reinvests substantially all of the cash held by
the Company following the repayment of the Raees International
loan. The combined effect of the loan repayments and this
reinvestment is accretive to Shareholders, and the Company remains
on target to maintain the current dividend rate of 6.0 pence per
share per annum.
For further information, please contact:
Heritage International Fund
Managers Limited:
Mark Huntley +44 (0)14 8171
James Christie 6000
Cenkos Securities Ltd
Will Rogers +44 (0)20 7397
1920
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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