Alpha Pyrenees Trust Limited Hedge Liability Update (3689T)
November 19 2013 - 2:01AM
UK Regulatory
TIDMALPH
RNS Number : 3689T
Alpha Pyrenees Trust Limited
19 November 2013
19 November 2013
Alpha Pyrenees Trust Limited (the "Trust" or the "Company")
Hedge Liability Update
The Trust is pleased to confirm that, following discussions with
its hedge counterparty (Barclays Bank PLC or "Barclays"), it has
reached agreement to finance the outstanding hedge liability
through to 10 February 2015, a date coterminous with the current
borrowings, also provided by Barclays, which are secured against
the Company's property portfolio.
The finance is provided in the form of a Euro denominated loan
of EUR25.0m. The Company has the ability to repay the loan at any
time after repayment of the existing secured borrowings. Interest
is charged at a margin of 10% above three month Euribor and will be
rolled up throughout the term. Barclays has been provided with a
charge over the Company's Nimes property. A cash pooling
arrangement over the Company's cash-flows from the whole property
portfolio has been established to provide further security to the
loan but which provides the Company with working capital for its
operations. No arrangement fees have been incurred.
As part of the arrangements, the loan-to-value covenant on all
the Company's existing secured facilities of EUR242.4m has been
waived.
Alpha Pyrenees Trust Limited
For further information:
Dick Kingston, Chairman, Alpha Pyrenees Trust Limited 01481
231100
Karl Devon-Lowe, CFO / Paul Cable, Fund Manager, Alpha Real Capital LLP 020 7268 0300
For more information on the Company, please visit
www.alphapyreneestrust.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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