Business
Aristo Developers refinancing
Aristo Developers refinancing.
About this update from Dci Advisors Limited
[{"type":"text","content":"\n Dolphin Capital Investors Limited\n23 August 2007\n\n23 August 2007\n\n\n\n Dolphin Capital Investors Limited (DCI.L)\n\n\n\nRefinancing of Aristo Developers Plc and update on acquisition progress to date\n\n\n\nDCI Holdings Two, a subsidiary of Dolphin Capital Investors ('DCI') and holding\ncompany of Dolphin Capital Atlantis ('DCA' or the 'Company') which owns Aristo\nDevelopers Plc ('Aristo'), has secured an €85 million debt facility from Bank of\nCyprus. The interest-only loan has a cost of 95bps over 1-month Euribor with\nbullet repayment in five years. The loan is secured against DCA's shares in\nAristo and will be drawn down as required.\n\n\n\nThe Company will use the proceeds of the refinancing to fund Aristo's ongoing\nacquisition programme which has resulted in investments in excess of €50 million\nover the last three months.\n\n\n\nDCA currently holds 98.74% of the share capital of Aristo. The Public Offer\nprocess has been completed and the Company is now on track to activate its right\nto squeeze out the remaining shareholders, a process expected to be completed\nwithin a period of approximately two months.\n\n\n\nMiltos Kambourides, Managing Partner of Dolphin Capital Partners, said:\n\n\n\n'Consistent with our business plan for Aristo, we proceeded with the refinancing\nof the acquisition at very flexible terms that will allow the company to\nincrease its liquidity and execute its growing investment pipeline, the details\nof which we will announce in due course. Despite the challenging credit and\nequity markets around the world, Dolphin's ability in executing its investment\nstrategy and generating strong NAV growth for its shareholders is steadily\nimproving.'\n\n\n\n\n\nContacts:\nDolphin Capital Investors www.dolphinci.com\nMiltos E Kambourides [email protected]\nPierre A Charalambides [email protected]\n\nFinancial Dynamics 020 7831 3113\n(Public Relations)\nStephanie Highett\n\nGrant Thornton Corporate Finance 020 7383 5100\n(Nominated Adviser)\nPhilip Secrett/ Fiona Kindness\n\nPanmure Gordon 020 7459 3600\n(Broker)\nRichard Gray/ Dominic Morley/ Andrew Potts\n\n\n\n\n\n\n\n\n\n\n\n\nNotes to Editors\n\n\n\nDolphin Capital Investors is a real estate investment company focusing\nexclusively on residential resort developments in south-east Europe. DCI was\nfounded by its Investment Manager, Dolp...