Advancement of Loan

RNS Number : 3540S

ICG-Longbow Snr Sec UK Prop DebtInv

17 March 2016

 

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

17^th March 2016

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

Advancement of Loan

Further to the repayment of the Mansion loan, as notified on 8th March 2016, the Company has redeployed the proceeds through the completion of a new £22.4 million loan to Commercial Regional Space Limited and affiliates on 16^th March 2016.

The loan has a maturity date of April 2019 and is fully compliant with the parameters set out in the Prospectus, with the £22.4 million loan balance representing 19.96% of the Company's gross assets as at the date of completion.

The loan is secured by first charges against two multi-let industrial estates located in Lancashire comprising 1.25 million sq ft of accommodation and providing a highly diversified income stream from lettings to over 140 tenants.

This transaction reinvests substantially all of the cash held by the Company following the repayment of the Mansion loan. The combined effect of the Mansion loan repayment and this reinvestment is materially accretive to Shareholders, represented by an increase in NAV of approximately 2.5 pence per share. 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                                          Ollie Packard	[phone]        [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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