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23 Nov 2009 07:00
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23Β NovemberΒ 2009
TERRACE HILL GROUP PLC
("Terrace Hill" or the "Company")
Refinancing Update
Terrace Hill Group plc (AIM: THG), a leadingΒ UKΒ property development and investmentΒ group,Β announcesΒ thatΒ it has completedΒ theΒ Β£39.3 millionΒ ofΒ refinancingsΒ which the Company announced it had agreed in principle within its interim results statement.
Β£35.12Β millionΒ of loansΒ have been refinancedΒ by a major European bankΒ withΒ a revised maturity ofΒ 30 SeptemberΒ 2011.Β Β The remaining portionΒ consists ofΒ aΒ loanΒ for Β£4.14Β millionΒ whichΒ has been refinanced to mature in March 2013.
CommentingΒ Philip Leech,Β Chief Executive ofΒ Terrace Hill, said:Β Β
"These refinancingsΒ areΒ very positive for the Company. TheyΒ underline the strength of the relationships weΒ have with our lending banks and their belief in both our business strategy and our assets."
- Ends -
For further information:
Terrace Hill www.terracehill.co.uk
Philip Leech, Chief Executive Tel: 020 7631 1666
Oriel Securities Limited (NOMAD) Tel: 020 7710 7600
Richard Crawley
Financial Dynamics Tel: 020 7831 3113
Richard Sunderland/Rachel Drysdale terracehill@fd.com
Notes to editors:
Terrace Hill Group PLC
Terrace Hill is an AIM-listed property development and investment group withΒ specialistΒ commercialΒ development and investmentΒ andΒ residentialΒ investmentΒ divisions.
Formed in 1986, theΒ Company has offices inΒ London, Teesside,Β BristolΒ andΒ Glasgow, managing aΒ commercialΒ developmentΒ programme,Β as well asΒ commercial and residential investment portfolios.
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