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Conygar Investment Company Refinances With RBS

6th Feb 2014 12:05

LONDON (Alliance News) - The Conygar Investment Co PLC Thursday said it has refinanced its debt with a GBP37.2 million four-year loan from the Royal Bank of Scotland Group PLC.

The loan, secured on twenty properties, has a total interest cost of 4.3%, including a margin of 3%, and is structured as a GBP27.2 million term loan with a GBP10 million revolving debt facility.

The loan replaces the AIM-quoted property investment and development company's previous loan with Lloyds Banking Group PLC, which had been due to expire in January 2015.

The company said its total bank debt now stands at GBP66.4 million with cash balances of GBP60 million.

"We are pleased to secure refinancing of this portfolio which was due to expire in early 2015 and extends our debt profile whilst also providing flexible finance terms. We have enjoyed a good relationship with RBS over many years and we are keen to do more business with them in the near future as we continue to seek new investment opportunities," Robert Ware, chief executive, said in a statement.

Stuart Heslop, regional managing director for Real Estate Finance at RBS added: "We have been long term supporters of Conygar and are always delighted to further extend our relationship with the refinance of the debt on the TAPP and Lamont portfolios. We are always keen to work closely with management teams who take a long term view of the real estate market and work with assets where they see value and opportunity."

"We look forward to working with the group in the near future and supporting Conygar's investment and development opportunities," Heslop said.

Conygar Investment Co shares were Thursday quoted at 170.55 pence, up 4.05 pence, or 2.4%.

By Samuel Agini; [email protected]; @samuelagini

Copyright © 2014 Alliance News Limited. All Rights Reserved.


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