LONDON (Alliance News) - GCP Infrastructure Investments Ltd said Monday it has subscribed for a loan note with an initial value of up to GBP10.0 million when fully drawn, and an expected term of around one and a half years.
It has advanced GBP1.2 million, with the majority of the balance to be advanced over the next twelve months. The loan note will be issued by GCP Social Housing 1 Ltd and the proceeds will be used as a revolving loan facility to fund the development and construction of a number of social housing units for occupation by adults with learning or physical difficulties.
The acquisition of the loan note was financed from the company's cash reserves.
Shares in GCP are trading up 0.3% at 118.62 pence Monday afternoon.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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GCP Infrastructure Investments (GCP)