30 Mar 2020 13:50
BMO Real Estate Investments Ltd - Refinancing UpdateBMO Real Estate Investments Ltd - Refinancing Update
PR Newswire
London, March 30
To: Company Announcements
Date: 30 March 2020
Company: BMO Real Estate Investments Limited
LEI: 231801XRCB89W6XTR23
Subject: Refinancing Update
REFINANCING UPDATE
Further to the announcement of the Interim Results on 26 March 2020 by BMO Real Estate Investments Limited (the "Company") the Board can now confirm that IPT Property Holdings Limited, a subsidiary of the Company, has executed a new £20 million 5-year revolving credit facility agreement with Barclays Bank plc which is available until 27 March 2025.
This is an extension of a previous £20 million 5-year revolving credit facility that was in place with Barclays and was due to expire in November 2020. The interest rate that will be payable in respect of the facility is 1.7 per cent per annum over 3-month LIBOR (previously subject to a ratchet mechanism and between 1.45 – 1.70 per cent over 3-month LIBOR) and a commitment fee of 0.68 per cent per annum (previously 0.58 per cent) on the undrawn amount.
The facility is expected to remain undrawn in the near term but will provide the Company with valuable liquidity in the current market environment.
Enquiries:
The Company SecretaryNorthern Trust International Fund Administration Services (Guernsey) LimitedTrafalgar CourtLes BanquesSt Peter PortGuernseyGY1 3QL
Tel: 01481 745001Fax: 01481 745051
Peter LoweScott MacraeBMO Investment Business LtdTel: 0207 628 8000Fax: 0131 225 2375