REG - ICG-Longbow Senior - Portfolio Update

ICG Longbow Senior Secured UK Property Debt InvestmentsAnnouncement

28/04/2020 07:06

RNS Number : 0446L
  
ICG-Longbow Snr Sec UK Prop DebtInv
  
28 April 2020
  
 

28 April 2020
 
 
ICG-Longbow Senior Secured UK Property Debt Investments Limited
 
(the "Company")
 
Portfolio Update
 
Following the dividend announcement and portfolio update on 27 March 2020, the Company is pleased to provide a further update on rent and interest collection across its portfolio.
 
The majority of the Group's investments are secured by properties or portfolios backed by highly diversified cashflows from commercial and residential tenants.  Across these investments, and despite the unprecedented market conditions, the Group's borrowers as of 27 April 2020 report that rent collection for these properties has generally been robust and, as a result, interest payments have been made in full or (in one case where payment is not yet due) sufficient rents have been collected to make the interest payment.   
 
Three of the investments are secured by operational assets or are in sectors which have been adversely affected by the ongoing UK lockdown.  These investments account for approximately 45% of quarterly interest payments in aggregate.  In these cases the Company, as a responsible lender, has chosen to defer or capitalise the interest payments due in order to assist the underlying borrowers with working capital management during the lockdown period.  The Company has a satisfactory equity cushion on all of its investments and does not expect any shortfall in either total interest receipts during the term of each loan, or to capital repayments by loan maturity.     
 
The Group's liquidity position remains strong, and as of 27 April 2020 the Group has cash of approximately £15 million and undrawn credit facilities of £25 million, giving total available liquidity of approximately £40 million.  The Investment Adviser has seen a noticeable increase in pipeline enquiries over the past two weeks, and on a cautious basis is continuing to explore attractive new lending opportunities in line with the Company's investment parameters. 
 
Further updates will be provided in the Company's annual report and accounts, which are expected to be issued in the near term. 
 
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-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.
ICG Longbow LEI: 2138008BKBH3OP2CA764
 


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