Borrowings Extended to 15 October 2015

RNS Number : 6859M

Alpha Pyrenees Trust Limited

08 May 2015

 



8 May 2015

ALPHA PYRENEES TRUST LIMITED

("ALPHA PYRENEES" OR THE "COMPANY" OR THE "TRUST")

BORROWINGS EXTENDED TO 15 OCTOBER 2015

Further to the announcement on 10 February 2015 regarding the extension to 11 May 2015 of the Trust's loan facilities with Barclays Bank PLC ("Barclays"), the Board of Alpha Pyrenees is pleased to report that a new extension has been agreed and the maturity date of all its borrowings (€271.5m) is now extended to 15 October 2015.

The current interest rates will continue to apply to the facilities during the extension period. Arrangement fees (charged at 2% per annum pro-rated) on the initial and new extensions will all be deferred to the new maturity date and will be payable to the extent that the Trust has sufficient cash funds at that time. The Trust is currently compliant with its borrowing covenants.

The Trust has the support of its lender for an orderly realisation of its investment property. To further this endeavour, the Company has entered into a formal agreement with Barclays in which an operational framework will be developed to achieve this realisation in a consensual manner. The Trust will also continue to consider refinancing options including the potential refinancing of assets by third party lenders. The Investment Manager will continue to concentrate on active asset management and property management initiatives to secure the Trust's income while pursuing asset sale opportunities.

The Trust will provide further updates in due course.

For further information:

Dick Kingston, Chairman, Alpha Pyrenees Trust Limited                           01481 231100

Paul Cable, Fund Manager, Alpha Real Capital LLP                                  020 7391 4700

For more information on the Trust, please visit www.alphapyreneestrust.com.

 

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