REG - Northacre PLC - Funding Update
2 May 2012
Northacre PLC ("Northacre" or "the Company")
Northacre PLC today announces that it has agreed terms to refinance all of its corporate debt.
A secured Eurobond was issued and listed on the Channel Islands Stock Exchange in October 2011, providing £10.5m of financing. Northacre has now agreed terms to refinance the Eurobond through a loan facility of £15.0m provided by Auster Real Estate Opportunities Sarl, an entity established by Chenavari Investment Managers, an alternative investment manager based in London. The facility is for a term of 18 months and carries a coupon of 1.5% per month, which is a substantial saving on the previous financing.
The new facility will also provide significant funds to provide headroom over our working capital needs for the foreseeable future.
Update on Lancasters project
Sales at the Lancasters are progressing well. As of today, only 11 apartments remain unsold, out of a total of 77.
Ken MacRae (Chief Executive Officer/ Finance Director)
Klas Nilsson (Chairman)
020 7349 8000
Hudson Sandler Ltd
020 7796 4133
Peel Hunt LLP (Nominated adviser and broker)
020 7418 8900
This information is provided by RNS