TIDMLBOW
RNS Number : 5702G
ICG-Longbow Snr Sec UK Prop DebtInv
02 March 2018
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY, TO U.S. PERSONS OR IN, INTO OR FROM,
THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA
OR JAPAN OR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.
2 March 2018
ICG-Longbow Senior Secured UK Property Debt Investments
Limited
(the "Company" or "Group")
New Investments
and
portfolio update
The Company is pleased to announce that it has completed a new
GBP16.2 million loan facility to an affiliate of Affinity Global
Real Estate (the "Affinity Loan"). The loan, which is secured by a
first mortgage over a multi-let office property in Bristol,
comprises an initial advance of GBP14.2 million, at an LTV ratio of
67.3%, together with a committed GBP2.0 million capital expenditure
facility. The loan matures in May 2022.
The Company also announces an additional circa GBP0.9 million
commitment to the borrower of the Northlands loan to support the
ongoing business plan. The total loan now equates to GBP8.5 million
and carries an LTV ratio of 53.5%. The Company has also extended
the coupon protection period of the combined total loan.
These advances were funded through the immediate reinvestment of
proceeds from the redemption of the Company's IRAF loan, together
with accrued interest and exit fees, following a sale of the
portfolio of properties securing the loan. This reinvestment
minimises cash drag and is accretive to shareholders.
Following these portfolio changes, the Company's weighted
average investment coupon increases to 6.31% (31 October 2017:
6.26%) and LTV increases to 64.4% (31 October 2017: 60.1%). The
weighted average unexpired term of the portfolio loans as at the
date of this announcement is 1.71 years (31 October 2017: 1.27
years), with approximately GBP45.2 million of the Company's
investments having been originated or extended since the Company's
change of investment policy in 2017.
In addition to the above and as detailed in its trading update
dated 26 January 2018, the Company is documenting a further new
loan totalling GBP17.5 million, and in anticipation of concluding
this investment and recognising the strength of the Investment
Adviser's wider pipeline the Board expects to announce details of a
further fundraising under the Company's approved placing programme
in the near term.
The size of any share issuance will be determined in due course
in light of existing cash resources, any potential loan redemptions
in the near term and the development of the broader pipeline, in
order to ensure that the Company does not experience avoidable cash
drag.
For further information please contact:
Estera International Fund Managers (Guernsey)
Limited:
James Christie +44 (0)14 8174 2742
Cenkos Securities:
Will Rogers +44 (0)20 7397 1920
Alex Collins +44 (0)20 7397 1913
Tom Scrivens +44 (0)20 7397 1915
Oliver Packard +44 (0)20 7397 1918
Andrew Worne +44 (0)20 7397 1912
Maitland Consultancy Limited:
Rebecca Mitchell +44 (0)20 7379 5151
ICG-Longbow
Martin Wheeler +44 (0)20 3201 7502
David Mortimer +44 (0)20 3201 7532
ICG Longbow LEI: 2138008BKBH3OP2CA764
The content of this announcement has been prepared by, and is
the sole responsibility of, ICG-Longbow Senior Secured UK Property
Debt Investments Limited.
Neither the content of the Company's website nor any website
accessible by hyperlinks to the Company's website is incorporated
in, or forms part of, this announcement. The distribution of this
announcement into jurisdictions other than the United Kingdom may
be restricted by law. Persons into whose possession this
announcement comes should inform themselves about and observe any
such restrictions. Any failure to comply with these restrictions
may constitute a violation of the securities laws or regulations of
any such jurisdiction.
In particular, this announcement should not be distributed,
forwarded to or transmitted, directly or indirectly, in whole or in
part, in into or from the United States, Australia, Canada, Japan
or the Republic of South Africa or any other jurisdiction where to
do so may constitute a violation of the securities laws or
regulations of any such jurisdiction.
Certain statements made in this announcement are forward-looking
statements. These forward-looking statements can be identified by
the fact that they do not relate only to historical or current
facts. Such statements are based on current expectations and
assumptions and are subject to a number of risks and uncertainties
that could cause actual events or results to differ materially from
any expected future events or results expressed or implied in these
forward-looking statements.
The information contained in this announcement is subject to
change without notice and the Company does not take any
responsibility or obligation nor does it intend to revise or update
publicly this announcement to reflect events or circumstances after
the date of this announcement (except to the extent required by the
FCA, the London Stock Exchange or by applicable law, the Listing
Rules, the EU Market Abuse Regulation No. 596/2014 or the
Disclosure Guidance and Transparency Rules).
This announcement does not constitute a prospectus relating to
the Company and does not constitute, or form part of any offer or
invitation to sell or issue, or any solicitation of any offer to
purchase or subscribe for, any shares in the Company in any
jurisdiction nor shall it, or any part of it, or the fact of its
distribution, form the basis of, or be relied on in connection with
or act as any inducement to enter into, any contract therefor.
None of the Investment Adviser or Cenkos Securities plc
("Cenkos"), or any of their respective affiliates, accepts any
responsibility or liability whatsoever for or makes any
representation or warranty, express or implied, as to this
announcement, including the truth, accuracy or completeness of the
information in this announcement (or whether any information has
been omitted from the announcement) or for any loss howsoever
arising from any use of the announcement or its contents aside from
the responsibilities and liabilities, if any, which may be imposed
by FSMA, as amended or the regulatory regime established thereunder
or any other applicable regulatory regime. The Investment Adviser
and Cenkos and their respective affiliates, accordingly disclaim
all and any liability whether arising in tort, contract or
otherwise which they might otherwise have in respect of this
announcement or its contents or otherwise arising in connection
therewith.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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