ICG-Longbow Senior - Portfolio Update

ICG Longbow Senior Secured UK Property Debt Investments

12/11/2020 07:00

RNS Number : 0543F

ICG-Longbow Snr Sec UK Prop DebtInv

12 November 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.

 

12 November 2020

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

Portfolio Update

 

 

The Company announces that it has now received, or is expecting to receive shortly, approximately 87% of the interest payments due under its investments for the quarter ending 31st October, up from 82% in the prior quarter. 

 

At investment level, interest has been paid in full on the Company's £8.8 million Quattro loan, together with circa £0.1 million of arrears having been repaid in line with an agreed payment plan.  The Company has again agreed to capitalise the interest due on the £15.2 million Southport loan, to preserve working capital within the business during the second English lockdown and despite positive trading during the third quarter. It continues to be comfortable with the underlying security position of the investment, which has an LTV of approximately 67%, including all capitalised interest.

 

In the light of the recent announcement of the recommendation for orderly realisation of investments, the Company is not currently pursuing any new pipeline opportunities.  The Board continues to believe that all contractual interest, principal and fees will be paid in full on all investments. 

 

For further information, please contact:

 

Ocorian Administration (Guernsey) Limited
Louise Manklow
+44 (0)14 8174 2742
Cenkos Securities:
Will Rogers
+44 (0)20 7397 1920
Maitland Consultancy Limited:
Vikki Kosmalska
+44 (0)20 7379 5151
ICG Real Estate
Martin Wheeler
David Mortimer
+44 (0)20 3201 7502
+44 (0)20 3201 7532

 

 

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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