Advancement of Loan

RNS Number : 6652V

ICG-Longbow Snr Sec UK Prop DebtInv

01 February 2017

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO, THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA OR JAPAN.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

1^st February 2017

ICG-Longbow Senior Secured UK Property Debt Investments Limited (the Company)

Advancement of Loan

Further to the repayment of the Raees International Ltd loan, as notified on 27^th October 2016, and the prior repayment of the First Light portfolio loan on 4^th July 2016, the Company has redeployed the proceeds through the completion of a new £16.0 million loan to clients of BMO Real Estate Partners on 31^st January 2017.

The loan has a maturity date of April 2019 and is fully compliant with the Company's existing investment parameters as set out in the original Prospectus.  The LTV of the loan is approximately 55.5%, and it represents 14.6% of the Company's total loan portfolio as at the date of completion. 

The Company's weighted average LTV reduces to 57.5% (31^st October 2016: 57.8%) and weighted average ICR improves to 235% (31^st October 2016: 206%).

The loan is secured by first charges against a portfolio of 17 properties located across the UK, principally in the high street retail and industrial sectors.  The portfolio provides a diversified income stream from lettings to 50 tenants.

This transaction reinvests substantially all of the cash held by the Company following the repayment of the Raees International loan. The combined effect of the loan repayments and this reinvestment is accretive to Shareholders, and the Company remains on target to maintain the current dividend rate of 6.0 pence per share per annum.

For further information, please contact:

Heritage International Fund Managers Limited:
Mark Huntley James Christie			[phone]
Cenkos Securities Ltd Will Rogers	[phone]
Maitland Consultancy Limited:
Rebecca Mitchell Seda Ambartsumian		[phone]

Further information on the Company can be found on its website at http://www.lbow.co.uk.

 

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