Icg-longbow Regulatory News (LBOW)

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5 August 2019

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

Portfolio Update

The Company has entered into a new £12.5 million commitment to refinance the Northlands portfolio loan, for a three year term at an initial LTV ratio of 55.3%.

In addition, the Company has received full repayment of the £8.0 million Ramada Gateshead loan, together with interest and exit fees of approximately £0.2 million. As disclosed in the most recent Fact Sheet, the Company is intending to apply the proceeds towards the financing of a new £15.3 million hotel portfolio loan and expects to make a further announcement shortly.

The borrower of the Company's Meadow loan has secured planning permission for a major residential development on the property securing the loan. Based on the most recent valuation, LTV for this investment reduces from 70.3% to 45.9% and the Company's pro forma weighted average LTV falls from 65.5% to 59.8%.

As highlighted in the Fact Sheet, the Company is currently executing a further circa £31 million of transactions which it expects to sign in the coming weeks. Upon closing, the Company's cash will be fully committed with the working capital facility largely drawn. Full dividend cover should be restored at that time, in line with the guidance set out in the Company's Annual Financial Statements.

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