Hedge Liability Update

RNS Number : 3689T

Alpha Pyrenees Trust Limited

19 November 2013

 



19 November 2013

Alpha Pyrenees Trust Limited (the "Trust" or the "Company")

Hedge Liability Update

The Trust is pleased to confirm that, following discussions with its hedge counterparty (Barclays Bank PLC or "Barclays"), it has reached agreement to finance the outstanding hedge liability through to 10 February 2015, a date coterminous with the current borrowings, also provided by Barclays, which are secured against the Company's property portfolio.

The finance is provided in the form of a Euro denominated loan of €25.0m. The Company has the ability to repay the loan at any time after repayment of the existing secured borrowings. Interest is charged at a margin of 10% above three month Euribor and will be rolled up throughout the term. Barclays has been provided with a charge over the Company's Nimes property. A cash pooling arrangement over the Company's cash-flows from the whole property portfolio has been established to provide further security to the loan but which provides the Company with working capital for its operations. No arrangement fees have been incurred.

As part of the arrangements, the loan-to-value covenant on all the Company's existing secured facilities of €242.4m has been waived.

Alpha Pyrenees Trust Limited

For further information:

Dick Kingston, Chairman, Alpha Pyrenees Trust Limited                                       01481 231100

Karl Devon-Lowe, CFO / Paul Cable, Fund Manager, Alpha Real Capital LLP         020 7268 0300

For more information on the Company, please visit www.alphapyreneestrust.com.

 

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