REG - ICG-Longbow Senior - Portfolio Update

ICG Longbow Senior Secured UK Property Debt InvestmentsAnnouncement

24/09/2019 11:30

RNS Number : 4740N
ICG-Longbow Snr Sec UK Prop DebtInv
24 September 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.
 
24 September 2019
ICG-Longbow Senior Secured UK Property Debt Investments Limited (the "Company")
Portfolio Update
 
 
The Company has entered into a new £6.5 million loan commitment to a fund managed by LBS Properties, in support of its acquisition of a multi-let office property in Farringdon, London.   
 
The loan carries a three-year term with an initial LTV ratio of 69%.  Day 1 drawings on the loan will be approximately £4.9 million, with the Company also providing a committed capital expenditure facility in support of the borrower's business plan.   The loan provides an attractive risk-adjusted return to the Company and is accretive to shareholders.
 
The Chairman, Jack Perry comments, "The board are delighted that the Company continues to redeploy capital in deals that offer attractive returns to shareholders, with good risk profiles.  The Investment Advisor has a strong pipeline of deals and the board is optimistic that further loans will be completed over the coming months.  With dividend cover already fully restored, this latest deal will further lengthen the average life of the portfolio and enhance the future portfolio IRR."
 
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.




This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
PFULLFLIATISFIA