Financing Update

RNS Number : 3092C

Alpha Pyrenees Trust Limited

15 October 2015

 



15 October 2015

ALPHA PYRENEES TRUST LIMITED

("ALPHA PYRENEES" OR THE "TRUST")

BORROWINGS EXTENDED TO 15 APRIL 2016

Further to the announcement on 8 May 2015 regarding the extension of the Trust's loan facilities with Barclays Bank PLC ("Barclays") to 15 October 2015, the Board of Alpha Pyrenees is pleased to report that a new extension has been agreed and the maturity date of all its borrowings (€257.8m) is now extended to 15 April 2016.

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. 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.

 

END

 

 

MSCBLBDGLXBBGUS