REG - ICG-Longbow Senior - Portfolio Update

ICG Longbow Senior Secured UK Property Debt InvestmentsAnnouncement

10/03/2020 07:00

RNS Number : 5161F
  
ICG-Longbow Snr Sec UK Prop DebtInv
  
10 March 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.
 
10th March 2020
ICG-Longbow Senior Secured UK Property Debt Investments Limited (the Company)
Portfolio Update
 
 
The Company's £21.5 million Pentavia loan has been repaid in full, following successful completion of the business plan and a sale of the underlying property securing the loan.  The repayment comes with  accrued interest, exit and prepayment fees of approximately £0.9 million in aggregate.  
 
The proceeds of the repayment will be applied to repay the £5.2 million outstanding balance on the Company's revolving credit facility, and for follow-on funding commitments of approximately £6.5 million in the Company's existing loan portfolio.  
 
Additionally, the Company has entered into a new £7.75 million loan commitment secured by an industrial estate in the North West.  The loan, which is expected to complete imminently, carries a three-year term with an initial LTV ratio of 60.3%, and includes 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.
 
Upon completion of this transaction, the Company's portfolio will total 10 investments with an aggregate committed balance of £115.1 million, of which £104.3 million is drawn.  Pro forma LTV is 67.9%, with a weighted average interest coupon of 7.49% and weighted average loan maturity of 2.2 years.  
 
While the extent and duration of the Covid-19 outbreak and its impact on financial and lending markets cannot be forecast, in the Board's view the Company's portfolio remains well secured and is well placed to weather the current disruption and capitalise on any attractive opportunities which may result.  
 
 
For further information please contact:



Estera International Fund Managers (Guernsey) Limited:








Louise Manklow
 


+44 (0)14 8174 2783








Cenkos Securities:








Will Rogers
Rob Naylor
 


+44 (0)20 7397 1920
+44 (0)20 7397 1922
 








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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