ICG-Longbow Snr Sec UK Prop DebtInv Portfolio Update (9188R)
July 03 2020 - 1:00AM
UK Regulatory
TIDMLBOW
RNS Number : 9188R
ICG-Longbow Snr Sec UK Prop DebtInv
03 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.
3 July 2020
ICG-Longbow Senior Secured UK Property Debt Investments Limited
(the Company)
Portfolio Update
The Company has completed a GBP2.95 million increase and
extension to its Carrara loan facility, whilst receiving a GBP4.35
million part repayment on the BMO Partners loan.
Following the restructure, the Carrara loan balance increased to
GBP4.25 million, with additional security taken over the now
combined freehold and leasehold interests in the recently
refurbished and fully let office property security. The loan
carries an LTV ratio of 73.3%, and provides an attractive
risk-adjusted return to the Company and shareholders.
Separately, the Company has received a GBP4.35 million partial
repayment of the BMO Partners facility, following a refinancing of
part of the security portfolio by a third-party lender. As a result
of the repayment, the LTV on the remaining GBP11.4 million loan
falls to 48.7% and the Sponsor is continuing to progress a
refinancing of the remainder of the portfolio.
As of 2 July 2020, following the above transactions, the Group
has cash of approximately GBP13.7 million and undrawn credit
facilities of GBP25 million.
The Investment Adviser continues to see a rise in attractive new
lending opportunities and has two new investments in solicitors'
hands totalling circa GBP24 million. The Company expects to
complete on these investments over the next four to six 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
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
PFUFLFETDEIFIII
(END) Dow Jones Newswires
July 03, 2020 02:00 ET (06:00 GMT)
Icg-longbow Senior Secur... (LSE:LBOW)
Historical Stock Chart
From Apr 2024 to May 2024
Icg-longbow Senior Secur... (LSE:LBOW)
Historical Stock Chart
From May 2023 to May 2024