ICG-Longbow Snr Sec UK Prop DebtInv Posting of Factsheet on Website (0543D)

TIDMLBOW

RNS Number : 0543D

ICG-Longbow Snr Sec UK Prop DebtInv

04 July 2016

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO, THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA OR JAPAN.

4th July 2016

ICG-Longbow Senior Secured UK Property Debt Investments Limited (the Company)

Posting of Factsheet on Website

The Company has today posted its Factsheet for the quarter ending 30 April 2016 on its website, at http://www.lbow.co.uk. Inter-alia, the Factsheet sets out the Investment Manager's outlook for the Company's loan portfolio, as follows:

"Following the "Leave" outcome of the UK Referendum on EU membership, we are now entering a period of volatility, uncertainty and adjustment in the UK which will affect the property investment and property finance markets. The Investment Manager has considered the impact of this outcome and remains confident in the underlying quality and resilience of the Group's security portfolio from both a capital and income perspective, given the senior secured risk positioning, diversification at portfolio level by sector and region and at loan level through exposure to predominantly multi-property or multi-tenanted security.

In particular, the Group's 11 loans are underpinned by a security portfolio comprising 74 properties and 275 tenants (plus 325 hotel rooms) which benefit from the conservative risk metrics of 57.1% loan to value ratio and 174% interest coverage ratio, whilst each loan also benefits from strong financial covenants. The loan portfolio has no exposure to the Central London office or residential markets, which the Investment Manager believes may be disproportionately affected by the outcome of the vote, nor any imminent loan maturities. As a consequence, the Investment Manager believes the Group's loan portfolio to be well positioned to withstand any short term volatility and downside risk, whilst supporting the maintenance of the quarterly dividend payment."

The Factsheet also confirms that the Company has declared a dividend of 1.5 pence per share in respect of the quarter ending 30 April 2016 and that the Company's NAV has increased to 102.45 pence per share following the repayment of the Mansion loan, together with associated exit and repayment fees.

For further information, please contact:

 
 Heritage International Fund 
  Managers Limited: 
 Mark Huntley                             +44 (0)14 
  James Christie                           8171 6000 
 
 Cenkos Securities Ltd 
  Will Rogers                            [phone] 
  Ollie Packard                          1920 
                                         [phone] 
                                         1918 
 
 
   Maitland Consultancy Limited: 
 Rebecca Mitchell                        [phone] 
  Seda Ambartsumian                       5151 
 
 

Further information on the Company can be found on its website at http://www.lbow.co.uk

This information is provided by RNS

The company news service from the London Stock Exchange

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July 04, 2016 02:01 ET (06:01 GMT)