REG - ICG-Longbow Senior - Portfolio Update

ICG Longbow Senior Secured UK Property Debt InvestmentsAnnouncement

05/08/2019 07:05

RNS Number : 8096H
ICG-Longbow Snr Sec UK Prop DebtInv
05 August 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.
 
5 August 2019
ICG-Longbow Senior Secured UK Property Debt Investments Limited (the Company)
Portfolio Update
 
 
The Company has entered into a new £12.5 million commitment to refinance the Northlands portfolio loan, for a three year term at an initial LTV ratio of 55.3%.
 
In addition, the Company has received full repayment of the £8.0 million Ramada Gateshead loan, together with interest and exit fees of approximately £0.2 million.  As disclosed in the most recent Fact Sheet, the Company is intending to apply the proceeds towards the financing of a new £15.3 million hotel portfolio loan and expects to make a further announcement shortly. 
 
The borrower of the Company's Meadow loan has secured planning permission for a major residential development on the property securing the loan.  Based on the most recent valuation, LTV for this investment reduces from 70.3% to 45.9% and the Company's pro forma weighted average LTV falls from 65.5% to 59.8%.
 
As highlighted in the Fact Sheet, the Company is currently executing a further circa £31 million of transactions which it expects to sign in the coming weeks.  Upon closing, the Company's cash will be fully committed with the working capital facility largely drawn.  Full dividend cover should be restored at that time, in line with the guidance set out in the Company's Annual Financial Statements.
 
 
For further information please contact:



Estera International Fund Managers (Guernsey) Limited:




Louise Manklow
 


+44 (0)14 8174 2783




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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