Business
NEW DEBT FACILITY
NEW DEBT FACILITY.
About this update from Conygar Investment Company Plc
[{"type":"text","content":"\n \nRNS Number : 8407B Conygar Investment Company PLC(The) 09 April 2013 \n \n\n \nFor immediate release\n9 April 2013\nTHE CONYGAR INVESTMENT COMPANY PLC\nNEW DEBT FACILITY\nThe Conygar Investment Company PLC (\"Conygar\" or the \"Company\"), the property investment and development group, announces that it has completed on a new three year £11 million loan with The Royal Bank of Scotland PLC (\"RBS\"), secured on the fifteen properties of the TOPP portfolio (acquired in August 2009). The loan has a total interest cost of 4.3%, including margin of 3.5%.\n \nThe loan replaces our previous £11 million loan with Capita, which was secured upon this portfolio and was repaid in January 2013. Our total group bank debt is now £80.4 million, reflecting a 46% loan to value, excluding cash balances of £26 million. Our debt has a weighted average cost of 3.9% (including margin), with an average debt maturity of two and a half years.\n \nRobert Ware, Chief Executive of Conygar commented:\n \n\"We are pleased to secure refinancing of our TOPP portfolio which completes our refinancing of the entire investment property portfolio. The market for real estate debt remains difficult so we are pleased to complete this transaction with RBS, with whom we have enjoyed a good relationship over many years.\"\nStuart Heslop, Regional MD for Real Estate Finance at RBS added:\n\"We have been long term supporters of Conygar and are delighted to be assisting them with the refinance of the debt on the TOPP portfolio. We are always keen to work closely with management teams who take a long term view of the real estate market and work with assets where they see value and opportunity.\"\nEnquiries:\nThe Conygar Investment Company PLC\nRobert Ware/Peter Batchelor: 020 7258 8670\n \nLiberum Capital Limited (Nominated Adviser and Broker)\nChris Bowman/Richard Bootle: 020 3100 2222\n \nTemple Bar Advisory (Public Relations)\nAlex Child-Villiers: 07795 425580\n\nThis information is provided by RNSThe company news service from the London Stock Exchange END MSCMMGGDKRRGFZM\n ","length":3278,"tagName":"div"}]