ICG-Longbow Snr Sec UK Prop DebtInv Portfolio Update (8172T)
July 23 2020 - 2:00AM
UK Regulatory
TIDMLBOW
RNS Number : 8172T
ICG-Longbow Snr Sec UK Prop DebtInv
23 July 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.
23 July 2020
ICG-Longbow Senior Secured UK Property Debt Investments Limited
(the Company)
Portfolio Update
The Company has provided a new GBP16.9 million loan facility to
a vehicle managed by GMG Real Estate, in support of its purchase of
an office property in St James's leased to a UK Government agency.
The Company is participating in a larger GBP22.3 million facility
alongside another fund managed by the Investment Adviser, on a
fully pari passu basis in line with the Company's investment
criteria.
The day 1 drawing on the loan is GBP12.8 million, representing
an initial LTV ratio of 70.0%, and the facility includes a capital
expenditure commitment in support of the sponsor's business plan to
refurbish the property during the loan term. In addition to an
attractive coupon, the facility is structured with contractual
arrangement and exit fees and is accretive to shareholders.
As a result of the new investment and recent portfolio changes,
as at 23 July the Company has total committed facilities of
GBP130.2 million, of which GBP119.7 million has been drawn. In
support of these new investment commitments the Company has drawn
down GBP4.4 million on its revolving credit facility.
The Company is currently documenting a new GBP7.8m loan secured
by an industrial investment, which it expects to complete in the
coming weeks.
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 Real Estate
Martin Wheeler +44 (0)20 3201 7502
David Mortimer +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
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 or visit www.rns.com.
END
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