New Debt Facility

RNS Number : 0247R

Conygar Investment Company PLC(The)

06 December 2016

 

The Conygar Investment Company PLC

6 December 2016

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 a new five year £21.4 million loan with HSBC Bank PLC ("HSBC") secured on seven group properties. 

The loan replaces the previous facility with Barclays Bank PLC ("Barclays") which was secured upon six of the seven assets referred to above and the outstanding balance of £8.3 million was repaid in October 2016.  The Barclays loan had an interest cost of 3.5% margin plus 3 month LIBOR.

Robert Ware, Chief Executive of Conygar commented:

"We are pleased to secure the refinancing of this portfolio which has released an additional £13 million to enable Conygar to pursue new investment and development opportunities.  We believe that this financing deal is a competitive one and we look forward to working with HSBC in the coming years."

David Phythian, HSBC Head of Corporate Real Estate in London, said:

"I am delighted that HSBC has had the opportunity to support Conygar with the financing they need for the next stage of their growth strategy. I look forward to working with them closely as they continue to grow and achieve their business goals."

Enquiries:

The Conygar Investment Company PLC

Robert Ware/Ross McCaskill: 020 7258 8670

Liberum Capital Limited (Nominated Adviser and Broker)

Richard Bootle: 020 3100 2222

Temple Bar Advisory (Public Relations)

Alex Child-Villiers: 07795 425580

 

END

 

 

MSCMMMGZZKDGVZZ