RE: RNS £33m lenders conversion22 May 2023 15:31
The RNS could have been better worded''' so the Market knows what's going on IMO,
MED announces that is has agreed to a reprofiling of the outstanding balances on its existing loan facilities (herein referred to as the 'Acquisition Loan' and the 'Development Loan', and together as the 'Loans') held through an institutional lender group (the 'Institutional Lender'). The Loans' details were previously announced by the Company in RNSs dated 5 October 2022 and 3 November 2022, respectively. The current aggregate balance outstanding on the Loans is GBP729,750 (the 'Reprofiled Balance'), which was transferred to the new loan agreement (the 'Reprofiling Agreement') signed bet ween the Company and the Institutional Lender on 17 May 2023 (the 'Execution Date'). Under the terms of the Reprofiling Agreement, the Reprofiled Amount is deemed an initial advance on the Execution Date.
JV Key Highlights
The key terms of the JV agreement comprise the following:
-- Institutional Investor will inject all required investment capital into the JV with an expected total investment value of c. GBP33.6m, with no funding contribution required from MED.
-- Institutional Investor to hold 74.9% of the JV and MED to hold 25.1%, subject to the Institutional Investor recognising and reimbursing to MED its actual historic project acquisition and development related costs, totaling an expected c. GBP7.7m, as detailed below, and no requirement on MED to provide any further funding.