Refinancing Update

RNS Number : 8895C

Terrace Hill Group PLC

23 November 2009

 



23 November 2009

TERRACE HILL GROUP PLC

("Terrace Hill" or the "Company")

Refinancing Update

Terrace Hill Group plc (AIM: THG), a leading UK property development and investment group, announces that it has completed the £39.3 million of refinancings which the Company announced it had agreed in principle within its interim results statement.

£35.12 million of loans have been refinanced by a major European bank with a revised maturity of 30 September 2011.  The remaining portion consists of a loan for £4.14 million which has been refinanced to mature in March 2013.

Commenting Philip Leech, Chief Executive of Terrace Hill, said:  

"These refinancings are very positive for the Company. They underline the strength of the relationships we have with our lending banks and their belief in both our business strategy and our assets."

- Ends -

For further information:

Terrace Hill                                                                 www.terracehill.co.uk

Philip Leech, Chief Executive                                         Tel: [phone]

Oriel Securities Limited (NOMAD)                              Tel: [phone]

Richard Crawley

Financial Dynamics                                                    Tel: [phone]

Richard Sunderland/Rachel Drysdale                              [e-mail]

Notes to editors:

Terrace Hill Group PLC

Terrace Hill is an AIM-listed property development and investment group with specialist commercial development and investment and residential investment divisions.

Formed in 1986, the Company has offices in London, Teesside, Bristol and Glasgow, managing a commercial development programme, as well as commercial and residential investment portfolios.

 

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