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22 Aug 2012 07:00
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22 August 2012
The Conygar Investment Company PLC
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New debt facility with Barclays Bank PLC
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The Conygar Investment Company PLC ("Conygar" or the "Company" ), the property investment and development group, announces that it has completed on a new four year Β£20 million loan with Barclays Bank PLC, secured on the nine properties of the Edinmore portfolio acquired in December 2011 for Β£39.8 million. The Company has simultaneously entered into interest rate hedging arrangements for the full term taking advantage of current swap rates and resulting in a total interest cost of 4.5% including margin.
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The loan releases cash to pursue other investment and development opportunities. Our total group bank debt is now Β£80.9 million, reflecting a 46% loan to value (excluding Β£35 million cash balances).
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Robert Ware, Chief Executive of Conygar commented:
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"We are pleased to secure early refinancing of our Edinmore acquisition which releases cash for use elsewhere in our business. The market for real estate debt remains tightly constrained so we are delighted that our long standing relationship with an active lender such as Barclays has been extended."
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Charles Conway, Director, Barclays Real Estate added:
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"Our existing relationship with Conygar and understanding of the business enabled us to deliver a financing solution to meet the group's needs."
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Enquiries:
The Conygar Investment Company PLC
Robert Ware: 020 7258 8670
Peter Batchelor: 020 7258 8670
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Oriel Securities Limited (Nominated Adviser and Broker)
Michael Shaw: 020 7710 7600
Neil Langford: 020 7710 7600
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Temple Bar Advisory (Public Relations)
Alex Child-Villiers: 07795 425580
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