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5 Jul 2016 11:51
AXA PROPERTY TRUST LTD - Extension of the Company's Debt FacilityAXA PROPERTY TRUST LTD - Extension of the Company's Debt Facility
PR Newswire
London, July 5
5 July 2016
AXA Property Trust Limited
Extension of the Company’s Debt Facility
In view of the targeted disposal timetable for the Company’s remaining real estate assets, the Board of AXA Property Trust Limited is pleased to announce that the Company has agreed and concluded an extension of the Company’s loan facility with its co-lenders. The terms of the extension are as follows:
| Remaining loan | EUR 17,964,525 |
| Maturity date | 31st December 2016 |
| Loan-to-value (LTV Test) | 42.6% (60% maximum limit) Based upon bank valuation as at 31 March 2016 |
| Margin | 240 bps |
| Extension fee | EUR 90,000 |
| All-in rate | EURIBOR 3M + 240bps |
| Amortisation | None |
Under the terms of the extension net sales proceeds and rents from the portfolio will be used to repay the debt in priority to shareholder distributions.Enquiries:All Enquiries: Investment Manager AXA Investment Managers UK LimitedBroker Services7 Newgate StreetLondon EC1A 7NXTel: +44 (0)20 7003 2345Email: broker.services@axa-im.comCorporate BrokerStifel Nicolaus Europe Limited150 CheapsideLondon EC2V 6ETTel: +44 (0)20 7710 7600 Company SecretaryNorthern Trust International Fund Administration Services (Guernsey) LimitedTrafalgar CourtLes BanquesSt Peter PortGY1 3QLTel: +44 (0)1481 745324