ICG-Longbow Snr Sec UK Prop DebtInv Further investment in Quattro Loan (0069V)
October 30 2017 - 10:22AM
UK Regulatory
TIDMLBOW
RNS Number : 0069V
ICG-Longbow Snr Sec UK Prop DebtInv
30 October 2017
30 October 2017
ICG-Longbow Senior Secured UK Property Debt Investments
Limited
(the "Company")
Further investment in Quattro Loan
Further to the announcement of the completion of the Quattro
Loan on 18 October 2017 and the closing of the placing, announced
on 24 October 2017, the Board is pleased to announce that it has
exercised its right to acquire the minority participation in the
Quattro Loan from Intermediate Capital Group plc for GBP3,008,904,
representing the nominal value and an accrual for fees and interest
earned in the period since the Quattro Loan was drawn to 30 October
2017, the date of transfer to the Company.
The Quattro Loan, which matures in January 2021, carries an
initial LTV ratio of 83.7% and is secured by first ranking charges
against a portfolio of three mixed-use properties located in the
London Borough of Kingston. In the Company's opinion, as advised by
the Investment Adviser, this portfolio provides significant value
creation opportunities through implementation and realisation of
residential planning permissions. As well as a coupon, the loan
contains a profit participation component to allow the Company to
share in this expected value growth.
Intermediate Capital Group plc is part of the same group as the
Company's investment adviser, Intermediate Capital Managers
Limited, and is therefore a related party of the Company under the
Listing Rules. This acquisition amounts to a smaller related party
transaction under Listing Rule 11.1.10R.
For further information, please contact:
Heritage International Fund Managers
Limited:
Mark Huntley
James Christie +44 (0)14 8171 6000
Cenkos Securities:
Will Rogers
Alex Collins +44 (0)20 7397 8900
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 company news service from the London Stock Exchange
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