ICG-Longbow Snr Sec UK Prop DebtInv Portfolio Update (0543F)
12 Novembre 2020 - 8:00AM
UK Regulatory
TIDMLBOW
RNS Number : 0543F
ICG-Longbow Snr Sec UK Prop DebtInv
12 November 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.
12 November 2020
ICG-Longbow Senior Secured UK Property Debt Investments Limited
(the Company)
Portfolio Update
The Company announces that it has now received, or is expecting
to receive shortly, approximately 87% of the interest payments due
under its investments for the quarter ending 31(st) October, up
from 82% in the prior quarter.
At investment level, interest has been paid in full on the
Company's GBP8.8 million Quattro loan, together with circa GBP0.1
million of arrears having been repaid in line with an agreed
payment plan. The Company has again agreed to capitalise the
interest due on the GBP15.2 million Southport loan, to preserve
working capital within the business during the second English
lockdown and despite positive trading during the third quarter. It
continues to be comfortable with the underlying security position
of the investment, which has an LTV of approximately 67%, including
all capitalised interest.
In the light of the recent announcement of the recommendation
for orderly realisation of investments, the Company is not
currently pursuing any new pipeline opportunities. The Board
continues to believe that all contractual interest, principal and
fees will be paid in full on all investments.
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
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END
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