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Macau Property Opportunities is an Investment Trust

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US$81 million Refinancing Completed

26 Nov 2010 07:00

RNS Number : 8387W
Macau Property Opportunities Fund
26 November 2010
 



Macau Property Opportunities Fund Limited

("MPO" or the "Company")

 

 

MPO Completes Refinancing of One Central Investment on Improved Terms

 

 

Macau Property Opportunities Fund Limited, managed by Sniper Capital Limited, announced on 10 September 2010 that it had agreed a new loan facility to refinance its original loan of HK$626.93 million (c.US$81 million) for its investment in One Central Residences on significantly improved terms. This agreement, negotiated with Hang Seng Bank, was subject to final documentation, and today MPO is pleased to announce the successful completion and signing of the new Loan Facility Agreement.

 

Significantly Improved Loan Terms

The five-year loan facility was drawn down on 25 November 2010, and is to be repaid in nine semi-annual instalments commencing November 2011. 70% of the principal is due on the final repayment date in November 2015 - an extension of 3.5 years compared with the previous loan signed in February 2009.

 

Interest will be charged at a spread of 1.6% per annum above HIBOR. This is 80 basis points lower than the original loan facility and will result in a direct saving to the Company of c.US$650,000 per annum.

 

The loan-to-value covenant is also more favourable than the previous loan facility, with an increase in the maximum allowable loan-to-value from 55% to 60%.

 

Interest Rate Hedging Programme Implemented

As part of its proactive capital management strategy, MPO has taken advantage of favourable conditions in the debt markets to lock in long term interest rates at attractive levels. The Company has swapped floating rate HIBOR for five year fixed interest rates at an average fixed rate of 1.56% per annum on a total of HK$400 million (c. US$52 million) - representing 54% of the Company's committed loan facilities.

 

Sniper Capital will continue to monitor future interest rate levels and may make further recommendations to MPO's board if attractive hedging opportunities are identified.

 

David Hinde, Chairman of MPO said: "The new and improved financing arrangements bring immediate benefits to the Company and are testament to the quality of our investment in One Central and MPO's growing reputation. The implementation of our interest rate hedging programme allows us to manage our future cash flow with greater certainty whilst taking advantage of the unprecedented low level of interest rates."

 

- Ends -

 

 

About The Waterside and One Central Residences

 

One Central Residences, the residential portion of the high-end mixed-use project - One Central, comprises seven towers of premium luxury apartments. MPO acquired Tower Six in November 2006 and subsequently purchased a number of other well-positioned units across various other towers. MPO rebranded Tower Six as The Waterside and commenced a leasing campaign in early 2010, establishing an unprecedented standard of luxury rental accommodation in Macau.

 

About Macau Property Opportunities Fund

 

Macau Property Opportunities Fund Limited is a closed-end investment fund registered in Guernsey. Its shares began trading on AIM in June 2006, when it raised £105 million in an institutional placing, before moving to the Main Market of the London Stock Exchange in June 2010. The Company's investment policy is to provide shareholders with an attractive total return through investing in property opportunities in one of the world's fastest growing and most dynamic regions - Macau and the Western Pearl River Delta of Southern China.

 

The Fund is managed by Sniper Capital Limited, an independent investment manager that specialises in property investment opportunities in niche, undervalued and developing markets.

 

 

For further information:

 

Website: www.mpofund.com

 

Public Relations

MHP Communications

Simon Hockridge / Andrew Jaques

Tel: +44 20 3128 8100

 

Corporate Broker

Collins Stewart Europe Limited

David Yovichic / Dominic Waters

Tel: +44 20 7523 8361 / +44 20 7523 8473

 

Company Secretary & Administrator

Heritage International Fund Managers Limited

Mark Huntley / Laurence McNairn

Tel: +44 1481 716000

 

Manager

Sniper Capital Limited

Joyce Lo

Tel: +852 2292 6700

Email: info@snipercapital.com

www.snipercapital.com

 

Stock Codes:

Bloomberg: MPO LN

Reuters: MPO.L

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCLLFSRLSLEFII
Date   Source Headline
9th Jul 20087:00 amRNSInvestor Update Second Quarte
30th Jun 20084:27 pmRNSHolding(s) in Company
27th Jun 20087:00 amRNSLoan Facility Agreed
24th Jun 20084:49 pmRNSHolding(s) in Company
3rd Jun 20082:46 pmRNSHolding(s) in Company
28th May 200812:43 pmRNSHolding(s) in Company
27th May 20082:50 pmRNSDirector/PDMR Shareholding
21st May 20083:10 pmRNSHolding(s) in Company
19th May 20083:55 pmRNSHolding(s) in Company
24th Apr 20089:23 amRNSDirector/PDMR Shareholding
17th Apr 20082:45 pmRNSHolding(s) in Company
9th Apr 20087:00 amRNSInvestor Update Q1 2008
4th Apr 20083:24 pmRNSHolding(s) in Company
3rd Apr 20084:44 pmRNSHolding(s) in Company
14th Mar 200811:15 amRNSHolding(s) in Company
3rd Mar 200811:20 amRNSDirector/PDMR Shareholding
29th Feb 20084:30 pmRNSDirector/PDMR Shareholding
29th Feb 20083:30 pmRNSEGM Statement
15th Feb 20087:00 amRNSInterim Results
30th Jan 200810:30 amRNSNotice of EGM
25th Jan 20087:00 amRNSNew Investments of US$35m
8th Jan 20087:00 amRNSInvestor Update Q4 2007
5th Dec 20077:00 amRNSCompletion of Acquisition
22nd Nov 200712:30 pmRNSHolding(s) in Company
6th Nov 20072:49 pmRNSHolding(s) in Company
5th Nov 20072:16 pmRNSDirector/PDMR Shareholding
2nd Nov 20074:05 pmRNSResult of AGM
30th Oct 20077:00 amRNSDirector/PDMR Shareholding
24th Oct 20077:00 amRNSNew Investments of US$43.1m
18th Oct 200711:55 amRNSInvestor Update Q3 2007
18th Oct 200711:50 amRNSAppointment of Joint Broker
10th Oct 200710:23 amRNSHolding(s) in Company
17th Sep 20079:00 amRNSFinal Results
17th Aug 200710:34 amRNSHolding(s) in Company
16th Aug 200711:59 amRNSAIM Rule 26 Information
24th Jul 20073:11 pmRNSHolding(s) in Company
18th Jul 20072:03 pmRNSHolding(s) in Company
18th Jul 20072:01 pmRNSHolding(s) in Company
13th Jul 200711:17 amRNSInvestor Update Q2 2007
26th Jun 20073:59 pmRNSDirector/PDMR Shareholding
26th Jun 200711:24 amRNSHolding(s) in Company
20th Jun 20072:03 pmRNSHolding(s) in Company
5th Jun 20071:57 pmRNSHolding(s) in Company
25th May 20072:49 pmRNSHolding(s) in Company
11th Apr 200710:22 amRNSInvestor Update Q1 2007
21st Mar 20073:26 pmRNSHolding(s) in Company
15th Mar 200710:32 amRNSDirector/PDMR Shareholding
26th Feb 20079:20 amRNSDirector/PDMR Shareholding
16th Feb 20077:01 amRNSInterim Results
15th Feb 200711:51 amRNSNotice of Results

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