Lon.&Assoc.Props PLC New Loan Facility

 
TIDMLAS 
 
FOR IMMEDIATE RELEASE 
 
1 October 2018 
 
                  LONDON & ASSOCIATED PROPERTIES PLC ("LAP"): 
 
                               NEW LOAN FACILITY 
 
LAP today announces that it has completed a new 10-year GBP3.93 million loan 
facility (with a 5-year mutual break option) with Metro Bank. This new facility 
replaces the GBP3.0 million 11.6% 1988 Prudential debenture that was repaid from 
cash reserves in August this year. 
 
The loan to value is 65%, with amortisation based on a 20-year repayment 
profile. No hedging is required and the new loan delivers debt service savings 
of cGBP0.2m per annum compared to the Prudential loan. 
 
John Heller, LAP's Chief Executive, said: "We are delighted to have formed a 
new relationship with Metro Bank. Although this is a relatively small loan, we 
hope this is the start of a bigger relationship over time. The transaction was 
very straightforward, and the bank has been a pleasure to deal with". 
 
Mark Stokes, Managing Director - Commercial Banking at Metro Bank added: "The 
LAP team are highly regarded across the sector and we are delighted to have 
supported them with this lending facility. We look forward to strengthening our 
relationship with LAP over the years to come". 
 
                                     Ends. 
 
Contact: 
 
            John Heller, Chief Executive, LAP 
Tel: [phone] 
 
            Baron Phillips, Baron Phillips Associates.                   Tel: 
07767 444193 
 
 
 
END 
 

(END) Dow Jones Newswires

October 01, 2018 03:00 ET (07:00 GMT)