Investment commitment of c. £20.2 million

RNS Number : 7418E

Project Finance Investments Limited

05 November 2015

 



5^th November 2015

Project Finance Investments Limited

(the "Company")

Investment commitment of c. £20.2 million

c.7 year loan note yielding c. 7.6%

The Board of Directors of the Company is pleased to announce the completion on 5^th November 2015 of a transaction committing the Company to subscribe for a loan note with a term of c.7 years in an amount of up to c. £20.2m (the "Loan Note"), of which c. £8m is subscribed for immediately with the remainder expected to be subscribed for over the next 4 months.  The yield on the Loan Note is c. 7.6% per annum, payable quarterly in arrears.

The Loan Note was issued by Project Finance Investments (UK) Limited, a wholly owned subsidiary of the Company.

The proceeds of the Loan Note issue will be used to provide asset backed finance (the "Bridging Co Loans") to a series of specialist lenders active in the UK short term finance market.

The Bridging Co Loans will be secured by way of a series of first ranking charges against primarily residential property, all of which will be in the UK.

All payments of both principal and interest in relation to the Loan Note are expected to be serviced from income arising from the Bridging Co Loans.

The acquisition of the Loan Note has been financed fully from the proceeds of the Company's recent IPO.

Contact details:
Gravis Capital Partners LLP
David Conlon	[phone]
Stephen Ellis	[phone]
Cenkos Securities plc
Dion Di Miceli	[phone]
Tom Scrivens	[phone]

Notes to Editors

The Company

The Company is a closed ended investment company traded on the Main Market of the London Stock Exchange. Its investment objective is to generate attractive risk-adjusted returns primarily through regular, growing distributions and modest capital appreciation over the long term.

The Company seeks to meet its investment objective by making investments in a diversified portfolio of project finance investments which have contracted, predictable medium to long term cash flows and/or physical assets and which are predominantly UK based.

 

END

 

 

MSCBSBDBXUGBGUU