Refinancing Update

23 Nov 2009 07:00



23 November 2009

TERRACE HILL GROUP PLC

("Terrace Hill" or the "Company")

Refinancing Update

Terrace Hill Group plc (AIM: THG), a leading UK property development and investment group, announces that it has completed the £39.3 million of refinancings which the Company announced it had agreed in principle within its interim results statement.

£35.12 million of loans have been refinanced by a major European bank with a revised maturity of 30 September 2011.  The remaining portion consists of a loan for £4.14 million which has been refinanced to mature in March 2013.

Commenting Philip Leech, Chief Executive of Terrace Hill, said:  

"These refinancings are very positive for the Company. They underline the strength of the relationships we 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 with specialist commercial development and investment and residential investment divisions.

Formed in 1986, the Company has offices in London, Teesside, Bristol and Glasgow, managing a commercial development programme, as well as commercial and residential investment portfolios.