Business
New Loan Facility
New Loan Facility.
About this update from Creo Medical Group Plc
[{"type":"text","content":"\n RNS Number : 8848D China Real Estate Opportunities PLC 10 December 2009 \n \n10 December 2009\n\nChina Real Estate Opportunities plc obtains refinancing for Shanghai's Treasury Building\n\n\nChina Real Estate Opportunities plc (\"CREO\" or the \"Company\"), is pleased to announce the completion of a loan facility for a multi-currency three year loan equivalent to £27.72 million (US$37.8 million offshore loan plus RMB50 million onshore), based on current exchange rates, with CITIC Ka Wah Bank in Hong Kong. This new loan facility, the terms of which were previously announced in August 2009, will replace the existing €18.8 million and RMB97 million loan (equivalent to £25.80 million) CREO has in regard to the Treasury Building in Shanghai with Credit Suisse which was due to expire in March 2010. \n\nUnder the final terms, CREO will benefit from significantly lower interest costs as the new loan facility reflects an interest rate of 3.50% over the designated base rate for the foreign currency component and a total interest rate of 6.37% for the RMB portion. The blended rate currently equates to approximately 4.20% per annum compared to the average cost of funds of more than 6.75% for the current loan.\n\nRay Horney, CREO Chairman commented, \"We completed the Treasury Building refinancing on extremely competitive terms due to interest from a number of local and regional banks in this asset and are naturally very pleased with the outcome which clearly shows that Asian banks are still open for business and that quality, well-managed assets will always be able to source competitive financing.\". \n\nContact:\n\nChina Real Estate Opportunities plc\nRay Horney, Chairman\nTel: + 44 (0) 1273 775 225 \n\nSarah Moriarty, Investor Relations\nTel: + 353 1 618 9455\n\nMatrix Corporate Capital LLP\nPaul Fincham\nTel: + 44 (0) 20 3206 7000\n\nDavy\nDes Carville\nTel: + 353 1 679 6363\n\n\nCitigate Dewe Rogerson Limited\nTom Baldock (London)\nTel: + 44 (0) 20 7638 9571\nCharlotte...