REG - ICG-Longbow Senior - Portfolio Update

ICG Longbow Senior Secured UK Property Debt InvestmentsAnnouncement

25/09/2023 11:45

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230925:nRSY5484Na&default-theme=true

RNS Number : 5484N  ICG-Longbow Snr Sec UK Prop DebtInv  25 September 2023

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR
INTO, THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA OR
JAPAN.

 

25 September 2023

ICG-Longbow Senior Secured UK Property Debt Investments Limited (the Company)

Portfolio Update

 

Affinity Loan

The Company announces its appointment of a receiver over the property securing
its Affinity loan.  This appointment follows a period of forbearance during
which the borrower has been seeking to sell the property or refinance the
loan.  This action now provides the Investment Manager with greater control
over the marketing and eventual sale of the property.  The property remains
well occupied, covering interest in full and will now be re-marketed for sale.

Southport Loan

Following a period of exclusivity, the prospective purchaser has withdrawn its
conditional offer to acquire the hotel citing challenges in meeting some of
those specific conditions.  The hotel has traded profitably in the year to
date and the administrator has re-launched the property sale.

RoyaleLife Loan

As previously announced, administrators have been appointed across the wider
borrower group structure.  In conjunction with its co-lenders, and through
the administrator, the Investment Manager is pursuing several concurrent
strategies to protect the value of the underlying property security and
maintain operations at the parks.  While commercial sensitivities preclude
specific disclosures, options include a business sale, individual asset sales,
and introduction of strategic partners and/or a new management team.  All are
being actively pursued.  Further disclosures, as far as possible will be made
in the interim report and accounts expected to be released during the week
commencing 2 October 2023.

Outlook

In light of deteriorating property and debt market conditions during the six
month period to 31 July 2023, the Investment Manager and Board are reviewing
the carrying values of all remaining assets.   It is expected that this
exercise will be concluded shortly and further discussion and disclosures made
in the interim report and accounts.

For further information, please contact:

 

 Ocorian Administration (Guernsey) Limited
 Louise Manklow                                               +44 (0)14 8174 2742

 Cavendish Securities plc:
 Will Talkington                                              +44 (0)20 7397 1910

 Daniel Balabanoff                                            +44 (0)20 7397 1909

Further information on the Company can be found on its website
at http://www.lbow.co.uk (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 (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  PFUFLFVIAEIEFIV