REG - Northacre PLC - Funding Update

Wed May 2, 2012 2:00am EDT

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RNS Number : 5335C
Northacre PLC
02 May 2012
 



 

 

ANNOUNCEMENT

 

2 May 2012

Northacre PLC ("Northacre" or "the Company")

 

Funding Update

 

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.

 

 

 

Enquiries:

 

Northacre PLC

Ken MacRae (Chief Executive Officer/ Finance Director)

Klas Nilsson (Chairman)

020 7349 8000

 

Hudson Sandler Ltd

Michael Sandler

020 7796 4133

 

Peel Hunt LLP (Nominated adviser and broker)

Capel Irwin

Harry Florry

020 7418 8900


This information is provided by RNS
The company news service from the London Stock Exchange
 
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