New Debt Facility

RNS Number : 4098Z

Conygar Investment Company PLC(The)

06 February 2014

 

For immediate release

6 February 2014

THE CONYGAR INVESTMENT COMPANY PLC

NEW DEBT FACILITY

The Conygar Investment Company PLC ("Conygar" or the "Company"), the property investment and development group, announces that it has completed on a new four year £37.2 million loan with The Royal Bank of Scotland PLC ("RBS"), secured on twenty group properties. The loan has a total interest cost of 4.3%, including margin of 3% and is structured as a £27.2 million term loan with a £10 million revolving facility to offer flexibility for the future.

The loan replaces our previous loan with Lloyds Banking Group, which was secured upon this portfolio and which was due to expire in January 2015. Our total group bank debt is now £66.4 million with cash balances of £60 million. Our debt has a weighted average cost of 4.4% (including margin), with average debt maturity extended to 3.4 years.

Robert Ware, Chief Executive of Conygar commented:

"We are pleased to secure refinancing of this portfolio which was due to expire in early 2015 and extends our debt profile whilst also providing flexible finance terms. We have enjoyed a good relationship with RBS over many years and we are keen to do more business with them in the near future as we continue to seek new investment opportunities."

Stuart Heslop, Regional MD for Real Estate Finance at RBS added:

"We have been long term supporters of Conygar and are always delighted to further extend our relationship with the refinance of the debt on the TAPP and Lamont portfolios. We are always keen to work closely with management teams who take a long term view of the real estate market and work with assets where they see value and opportunity. We look forward to working with the group in the near future and supporting Conygar's investment and development opportunities."

Enquiries:

The Conygar Investment Company PLC

Robert Ware/Peter Batchelor: 020 7258 8670

Liberum Capital Limited (Nominated Adviser and Broker)

Chris Bowman/Richard Bootle: 020 3100 2222

Temple Bar Advisory (Public Relations)

Alex Child-Villiers: 07795 425580

 

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