6 Sep 2013 13:28
Treveria PLC
("Treveria" or the "Company")
Investment update regarding Silo F and K
Further to the announcement made on 30 August 2013, Treveria plc (AIM: TRV) is pleased to announce that it has signed a restructuring agreement with Hypothekenbank Frankfurt (formerly Eurohypo, "Hypothekenbank") with regard to the €396m Silo F and K loan facility.
The objective of the restructuring agreement is the implementation of a business plan that seeks to maximize sale proceeds and achieve full repayment of the debt facility out of asset disposals over time. Under this agreement, Hypothekenbank has granted a new five year loan facility to Treveria. The margin on the loan is 250bps over EURIBOR. Treveria continues to be the eventual 100% beneficiary of any value remaining in the Silo post the repayment of the debt plus all the costs and fees incurred. The debt remains non-recourse to the parent company
Treveria has fully committed to cooperate and support the implementation of the business plan and will be paid a sales fee ranging from 1% to 2.30% on each sale as well as a payment today of €2.0m for legal and other costs associated with the arrangement of this transaction.
As previously announced, the Silo F and K portfolios are managed by both ATOS Asset Management and Corpus Sireo Asset Management.
Further information, please contact:
IOMA Fund and Investment Management Limited
Graham Smith +44 (0) 1624 681 250
N+1 Singer
James Maxwell/Nick Donovan +44 (0) 20 7496 3000