F&C UK Real Est. Inv. Completion of Group Refinancing
13 Novembro 2015 - 11:33AM
UK Regulatory
TIDMFCRE
F&C UK REAL ESTATE INVESTMENTS LIMITED
13 NOVEMBER 2015
COMPLETION OF GROUP REFINANCING
Further to the announcements made by the Company on 29 September and 10
November 2015, the Board is pleased to announce that earlier today IRP Holdings
Limited (a wholly owned subsidiary of the Company) drew down in full the GBP90
million available under the 11 year term loan facility agreement with Canada
Life Investments. In addition, IPT Property Holdings Limited (a wholly owned
subsidiary of the Company) drew down in full the GBP20 million available under
the 5 year revolving credit facility with Barclays Bank plc.
As previously announced, the New Facilities were provided to the Group for the
purpose of refinancing the GBP102 million term loan facility provided by Lloyds
Bank plc, which was due for repayment in January 2017 (the "Existing
Facility"). The balance of the New Facilities will be used for general working
capital purposes.
The Board believes that it is in the interests of the Group to repay the
Existing Facility early to ensure that the Group has certainty of available
funds in advance of the fixed repayment date in January 2017 and so that the
Group can take advantage of the current availability of long term borrowings at
attractive rates of interest. There is no early repayment penalty in respect
of the Existing Facility but the Group has terminated its existing interest
rate hedging arrangements entered into in connection with the Existing
Facility. The cost of breaking the relevant interest rate swap (which had
previously been accounted for as a liability, net of accrued interest of GBP5.7
million as at 30 September 2015) was GBP5.5 million. No further swap is required
given the fixed nature of the principal loan with Canada Life Investments.
Following the refinancing, the Group have available borrowings of GBP110 million
which have been drawn down in full. The Group's total current borrowings of GBP
110 million represents 31.6 per cent. of the total assets of the Group as at 30
September 2015. The weighted average interest rate (including amortisation of
refinancing costs) on the Group's total current borrowings is 3.3 per cent. The
weighted average interest rate on the Group's total borrowings has therefore
fallen by 2.6 per cent. following the refinancing.
All enquiries to:
Ian McBryde
Scott Macrae
F&C Investment Business Limited
Tel: 0207 628 8000
The Company Secretary
Northern Trust International Fund Administration Services (Guernsey) Limited
Trafalgar Court
Les Banques
St Peter Port
Guernsey GY1 3QL
Tel: 01481 745001
END
(END) Dow Jones Newswires
November 13, 2015 08:33 ET (13:33 GMT)
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