REG - ICG-Longbow Senior - Advancement of Loan

ICG Longbow Senior Secured UK Property Debt InvestmentsAnnouncement

25/02/2019 07:05

RNS Number : 9332Q
ICG-Longbow Snr Sec UK Prop DebtInv
25 February 2019
 


NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO, THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA OR JAPAN.
 
25th February 2019
ICG-Longbow Senior Secured UK Property Debt Investments Limited (the Company)
Advancement of Loan
 
 
The Company announces that it has arranged a new £15.0 million loan to the Bliss Hotels group. 
 
The loan carries an initial LTV ratio of 59.5% and is secured by a first ranking charge over a hotel and leisure complex in Southport, Merseyside.  The Company (via its subsidiary) has advanced an initial £12.5 million of the loan facility, with the balance of the commitment available for business plan renovation initiatives which in the Company's opinion will create significant further value. 
 
The loan matures in April 2023 and is fully compliant with the Company's investment parameters. It provides an attractive risk adjusted return, increasing the Company's weighted average investment coupon to 6.25% whilst also benefitting from arrangement and exit fees. 
 
In making the investment the Company has made a first drawing of £3.5 million on its working capital facility with OakNorth Bank plc.



Estera International Fund Managers (Guernsey) Limited:        +44 (0)14 8174 2742














Cenkos Securities:




Will Rogers
Alex Collins
 


+44 (0)20 7397 1920
+44 (0)20 7397 1913
 




Maitland Consultancy Limited:




Rebecca Mitchell


+44 (0)20 7379 5151
 




ICG-Longbow
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.
 
 




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