Portfolio Update

RNS Number : 8172T

ICG-Longbow Snr Sec UK Prop DebtInv

23 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.

23 July 2020

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

Portfolio Update

The Company has provided a new £16.9 million loan facility to a vehicle managed by GMG Real Estate, in support of its purchase of an office property in St James's leased to a UK Government agency. The Company is participating in a larger £22.3 million facility alongside another fund managed by the Investment Adviser, on a fully pari passu basis in line with the Company's investment criteria. 

The day 1 drawing on the loan is £12.8 million, representing an initial LTV ratio of 70.0%, and the facility includes a capital expenditure commitment in support of the sponsor's business plan to refurbish the property during the loan term.  In addition to an attractive coupon, the facility is structured with contractual arrangement and exit fees and is accretive to shareholders. 

As a result of the new investment and recent portfolio changes, as at 23 July the Company has total committed facilities of £130.2 million, of which £119.7 million has been drawn.  In support of these new investment commitments the Company has drawn down £4.4 million on its revolving credit facility. 

The Company is currently documenting a new £7.8m loan secured by an industrial investment, which it expects to complete in the coming 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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