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Debt Re-Structuring

10 Mar 2008 07:01

Teesland Advantage Property Inc Tst10 March 2008 10 March 2008 TEESLAND ADVANTAGE PROPERTY INCOME TRUST LIMITED ("TAP" OR "THE COMPANY") TAP RE-STRUCTURES DEBT AND CONTINUES DEBT REPAYMENT STRATEGY TAP, the listed UK commercial property investment company, which is advised byValad Property Group, announces: - the receipt of £7.87million in settlement of its insurance claim on its property in Hemel Hempstead;- the completion of a new revolving credit facility; and- the imminent repayment of £8.0million of debt. The insurance settlement relates to the Company's property at Hemel Hempsteaddamaged as a result of the Buncefield Oil Depot explosion. Chris Carter Keall of VALAD explained "The settlement provides an uplift of 30%from the September 2007 Valuation. In addition to the £7.87million settlement,the Company retains the freehold of the 4.5 acre site, which will either beredeveloped or sold dependant upon the future development at Buncefield. The Company has completed a renegotiation of the £98.3m debt facility with HBOS.The new revolving credit facility provides additional flexibility to borrowingsthrough the repayment and drawing of debt as and when required. TAP will repay £8.0million of debt (6.4% of the total current debt) received asa result of the settlement and recent sales, which further improves dividendcover for the Company. Christopher Fish, Chairman of TAP said: "We have completed a great deal ofanalysis on the most efficient way to improve dividend cover, reduce costs andlower loan to value. At this time, our analysis shows that the repayment offloating rate debt has the most impact on our key performance indicators". For further information: Chris Carter Keall, VALAD Property Group: 020 7659 6666Graham Swindells, Kaupthing, Singer & Friedlander 020 3205 7500Jeremy Carey/Simon Hudson, Tavistock Communications Limited 020 7920 3150Anson Fund Managers Limited, Secretary 01481 722260 E&OE - in transmission END OF ANNOUNCEMENT This information is provided by RNS The company news service from the London Stock Exchange
Date   Source Headline
1st Jun 20099:17 amRNSRule 8.1- The Advantage Property Income Trust Ltd
1st Jun 20097:00 amRNSNo. 2 Proposed Offer from Conygar InvCo Plc
29th May 20096:00 pmRNSProposed Offer from The Conygar InvCo Plc
29th May 20094:25 pmRNSStatement re Possible Offer
19th May 20093:16 pmRNSCovenant Compliance & Dividend
18th May 200911:26 amRNSAnnual Information Update
18th May 20099:12 amRNSAnnual Financial Report
30th Apr 20097:00 amRNSNet Asset Value(s) 31 March 2009
30th Apr 20097:00 amRNSInterim Management Statement
24th Apr 20097:00 amRNSFinal Results
9th Apr 20095:06 pmRNSHolding in Company
31st Mar 20092:48 pmRNSAmendment of Bank Facility
17th Feb 20095:45 pmRNSHolding in Company
17th Feb 20095:45 pmRNSHolding in Company
16th Feb 200912:36 pmRNSHolding(s) in Company
12th Feb 20097:00 amRNSDividend Declaration
9th Feb 20093:35 pmRNSHolding(s) in Company
9th Feb 20093:08 pmRNSHolding(s) in Company
9th Feb 20092:57 pmRNSHolding(s) in Company
4th Feb 200911:04 amRNSHolding(s) in Company
2nd Feb 20097:00 amRNSSnapshot Report
27th Jan 20097:00 amRNSNet Asset Value(s)
13th Jan 20095:22 pmRNSHolding(s) in Company
6th Jan 20092:16 pmRNSHolding(s) in Company
30th Dec 20084:35 pmRNSPrice Monitoring Extension
22nd Dec 20083:57 pmRNSHolding(s) in Company
19th Dec 20084:42 pmRNSSecond Price Monitoring Extn
19th Dec 20084:37 pmRNSPrice Monitoring Extension
19th Dec 20084:10 pmRNSHolding(s) in Company
4th Dec 20084:40 pmRNSSecond Price Monitoring Extn
4th Dec 20084:36 pmRNSPrice Monitoring Extension
2nd Dec 20084:40 pmRNSSecond Price Monitoring Extn
2nd Dec 20084:35 pmRNSPrice Monitoring Extension
1st Dec 20084:40 pmRNSSecond Price Monitoring Extn
1st Dec 20084:37 pmRNSPrice Monitoring Extension
25th Nov 20084:46 pmRNSDirector/PDMR Shareholding
24th Nov 20084:46 pmRNSSecond Price Monitoring Extn
24th Nov 20084:41 pmRNSPrice Monitoring Extension
13th Nov 20084:42 pmRNSSecond Price Monitoring Extn
13th Nov 20084:36 pmRNSPrice Monitoring Extension
11th Nov 20084:46 pmRNSSecond Price Monitoring Extn
11th Nov 20084:36 pmRNSPrice Monitoring Extension
5th Nov 20087:00 amRNSDisposal & Debt Repay't
4th Nov 20087:00 amRNSInterim Management Statement
3rd Nov 20087:00 amRNSDividend Declaration
31st Oct 20087:00 amRNSChange of Adviser's Name
28th Oct 20084:40 pmRNSPrice Monitoring Extension
24th Oct 20087:00 amRNSNet Asset Value(s)
23rd Oct 20085:36 pmRNSHolding(s) in Company - Replacement
23rd Oct 20084:45 pmRNSSecond Price Monitoring Extn

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