Result of Noteholder Meeting

RNS Number : 3753S

ING UK Real Estate Income Trust Ltd

15 May 2009

 



ING UK Real Estate Income Trust Limited ('IRET')

FOR IMMEDIATE RELEASE

ING UK Real Estate Income Trust Limited

(the 'Company')

15 May 2009

Result of Noteholder Meeting

Noteholders Approve Proposed Amendments to the Securitised Loan Facility

The Board of the Company is pleased to announce that at the noteholder meeting held earlier today, the extraordinary resolution to approve the proposed amendments to the securitised loan facility ('Facility'), as set out in the noteholder notice of meeting dated 20 April 2009, was passed by noteholders. As a result of the proposed amendment to the Facility's loan-to-value ('LTV') covenant being implemented, the Company is compliant with all its covenants. 

A summary of the principal amendments to the Facility is set out below:

• The LTV covenant is increased from 50 per cent. to 60 per cent. until January 2012, when it will reduce to 55 per cent., falling back to 50 per cent. in July 2012; 
• Interest cover ratio increased from 1.5 times to 1.75 times until maturity of the Facility in January 2013; 
• £35 million of the principal amount outstanding under the £225 million Facility will be reduced by January 2010 through one or more tender offers, with the first tender offer being held in July 2009 for a minimum of £15 million principal amount of notes. The tender offers will be at par.

Details of the first tender offer are expected to be sent to noteholders in July 2009 and will be announced to the market at that time. 

A full copy of the notice sent to noteholders setting out the amendments is available on the Company's website - www.ingreit.co.uk.

Dividends

The Board expects to make an announcement concerning dividends early next week.

For further information:

ING Real Estate Investment Management (UK) Limited

Michael Morris, 020 7767 5648, [e-mail]

Helen Stott, 020 7767 5648, [e-mail]

The Company Secretary

Northern Trust International Fund Administration Services (Guernsey) Limited

Trafalgar Court

Les Banques

St Peter Port

Guernsey

GY1 3QL

Tel: [phone]

Fax: [phone]

Financial Dynamics

Dido Laurimore/Laurence Jones

Tel: [phone]

 

END

 

 

MSCGUUUUAUPBGQA