Portfolio Update

RNS Number : 9188R

ICG-Longbow Snr Sec UK Prop DebtInv

03 July 2020

 

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

3 July 2020

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

Portfolio Update

The Company has completed a £2.95 million increase and extension to its Carrara loan facility, whilst receiving a £4.35 million part repayment on the BMO Partners loan.   

Following the restructure, the Carrara loan balance increased to £4.25 million, with additional security taken over the now combined freehold and leasehold interests in the recently refurbished and fully let office property security.  The loan carries an LTV ratio of 73.3%, and provides an attractive risk-adjusted return to the Company and shareholders.

Separately, the Company has received a £4.35 million partial repayment of the BMO Partners facility, following a refinancing of part of the security portfolio by a third-party lender.  As a result of the repayment, the LTV on the remaining £11.4 million loan falls to 48.7% and the Sponsor is continuing to progress a refinancing of the remainder of the portfolio.

As of 2 July 2020, following the above transactions, the Group has cash of approximately £13.7 million and undrawn credit facilities of £25 million. 

The Investment Adviser continues to see a rise in attractive new lending opportunities and has two new investments in solicitors' hands totalling circa £24 million.  The Company expects to complete on these investments over the next four to six weeks.

For further information, please contact:

Ocorian Administration (Guernsey) Limited
Louise Manklow	[phone]
Cenkos Securities:
Will Rogers	[phone]
Maitland Consultancy Limited:
Vikki Kosmalska	[phone]
ICG Real Estate Martin Wheeler David Mortimer	[phone] [phone]

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

ICG Longbow LEI: 2138008BKBH3OP2CA764

 

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