Execution of Loan Agreement to Globalworth Poland

About this update from Globalworth Real Estate Investments Limited

[{"type":"text","content":"\n \nRNS Number : 1037L Globalworth Real Estate Inv Ltd 17 April 2018  \n\nThe information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this information is considered to be in the public domain.\n \n17 April 2018\nGlobalworth Real Estate Investments Limited (\"Globalworth\" or the \"Company\")\nExecution of Loan Agreement to Globalworth Poland\nGlobalworth is pleased to announce the execution of a second loan agreement with its subsidiary, Globalworth Poland (\"GPRE\")[1].  The loan is being made available to GPRE for a refinancing of the existing financial indebtedness of GPRE and its subsidiaries and the potential acquisition of two new assets currently under due diligence, while offering a more flexible capital structure for the expansionary phase that GPRE is in.   \nThe loan is for a maximum amount of €400 million to be funded from the Company's existing cash resources and offered in two tranches; Tranche A for up to €233 million and, at the Company's discretion, Tranche B for up to €167 million. The loan will bear fixed interest from the date of utilization at a level of 5% p.a. and an arrangement fee of 1%, both accrued on the loan balance and due at repayment. The loan tranches have a maturity of seven years, and both the Company and GPRE have an option to convert the loan (including interest and related fees) into new shares to be issued by GPRE[2], subject to obtaining appropriate corporate authorizations to issue shares for the purpose of implementing the conversion. The loan agreement provides for certain undertakings, representations and events of default customary for financings of such type.\nThis transaction represents a substantial transaction pursuant to the AIM Rules[3].\nFor further information visit www.globalworth.com or contact: \nEnquiries\nAndrew Cox                                                                &nbs...

More updates from Globalworth Real Estate Investments Limited