Icg-longbow Regulatory News (LBOW)

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10th March 2020

ICG-Longbow Senior Secured UK Property Debt Investments Limited (the Company)

Portfolio Update

The Company's £21.5 million Pentavia loan has been repaid in full, following successful completion of the business plan and a sale of the underlying property securing the loan. The repayment comes with accrued interest, exit and prepayment fees of approximately £0.9 million in aggregate.

The proceeds of the repayment will be applied to repay the £5.2 million outstanding balance on the Company's revolving credit facility, and for follow-on funding commitments of approximately £6.5 million in the Company's existing loan portfolio.

Additionally, the Company has entered into a new £7.75 million loan commitment secured by an industrial estate in the North West. The loan, which is expected to complete imminently, carries a three-year term with an initial LTV ratio of 60.3%, and includes a committed capital expenditure facility in support of the borrower's business plan. The loan provides an attractive risk-adjusted return to the Company and is accretive to shareholders.

Upon completion of this transaction, the Company's portfolio will total 10 investments with an aggregate committed balance of £115.1 million, of which £104.3 million is drawn. Pro forma LTV is 67.9%, with a weighted average interest coupon of 7.49% and weighted average loan maturity of 2.2 years.

While the extent and duration of the Covid-19 outbreak and its impact on financial and lending markets cannot be forecast, in the Board's view the Company's portfolio remains well secured and is well placed to weather the current disruption and capitalise on any attractive opportunities which may result.

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Further information on the Company can be found on its website at http://www.lbow.co.uk.