REG - Northacre PLC - Funding Update

Wed May 30, 2012 9:31am EDT

* Reuters is not responsible for the content in this press release.

RNS Number : 4376E
Northacre PLC
30 May 2012


 30 May 2012

Northacre PLC ("Northacre")



Funding Update


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.





Northacre PLC

Klas Nilsson (Chairman)

Ken MacRae (Chief Executive Officer)

Tel: (020) 7349 8000


Hudson Sandler Ltd

Michael Sandler

Tel: (020) 7796 4133


Peel Hunt LLP (Nominated Adviser and Broker)

Capel Irwin

Harry Florry

Tel: (020) 7418 8900





This information is provided by RNS
The company news service from the London Stock Exchange
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.