REG - Northacre PLC - Funding Update
30 May 2012
Northacre PLC ("Northacre")
Northacre today announces that its wholly owned subsidiary Northacre Capital (8) Limited has repaid and arranged to de-list the loan notes due 2013 (the "Loan Notes") which were issued and listed on the Channel Island Stock Exchange in October 2011.
As announced on 2 May 2012 Northacre secured a new loan facility provided by Auster Real Estate Opportunities Sarl to the Northacre Group (the "Group"). Following the second distribution of the Lancasters dividend of £3m as announced on 4 May 2012 the amount required under the new loan facility was set by the Group at the level of £13m. This amount was drawn today and allowed Northacre Capital (8) Limited to repay the Loan Notes. The total repayment amount was £11,276,653 including accrued interest.
The new facility carries a coupon of 1.5% per month, providing a substantial saving on the previous financing. It provides significant funds to support the Group's working capital needs.
Klas Nilsson (Chairman)
Ken MacRae (Chief Executive Officer)
Tel: (020) 7349 8000
Hudson Sandler Ltd
Tel: (020) 7796 4133
Peel Hunt LLP (Nominated Adviser and Broker)
Tel: (020) 7418 8900
This information is provided by RNS
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