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IN BRIEF: ICG Longbow To Receive 82% Of Interest Payments Due July

Mon, 10th Aug 2020 15:18

ICG-Longbow Senior Secured UK Property Debt Investments Ltd - London-based fund manager - Says it expects to receive around 82% of interest payments due under its investments for the three months ended July 31.

Adds that in light of challenges experienced by the hospitality sector, it has agreed to capitalise a further quarter's interest for the borrower of the Southport loan. States that with the hotel now re-opened, it expects interest on the loan to be covered by the company's cash flows in future.

States that borrowers have reported rent collections in the June quarter of around 78%, adding that this is expected to improve to over 90% in the coming weeks.

"While the longer-term impact of the pandemic and its effect on the property market remains uncertain, the company's borrowers continue to move ahead with their asset management initiatives and the company has seen business plan driven improvements across its portfolio in recent weeks. The equity cushions on all of the company's investments remain robust and the company continues to believe that all contractual interest, principal and fees will be repaid in full on all investments," ICG-Longbow said.

Current stock price: 73.50 pence

Year-to-date change: down 23%

By Ife Taiwo; ifetaiwo@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

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