28th Apr 2016 12:43
LONDON (Alliance News) - Conygar Investment Co PLC on Thursday said it has secured a five-year, GBP48.1 million loan with Lloyds Bank PLC in Jersey, secured against 25 properties.
The loan has an interest rate of 1.9 percentage points over the Bank of England base rate, meaning the total rate is 2.4%.
The loan replaces two facilities previously in place with Royal Bank of Scotland PLC secured against the same portfolio. That loan had an interest rate of 3-month LIBOR plus 3.5 percentage points.
"We are pleased to secure the refinancing of this portfolio for the medium term. We believe that this financing deal is a very competitive one and we look forward to working with Lloyds in the coming years," said Chief Executive Robert Ware.
Conygar shares were down 0.5% to 157.86 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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