8th Mar 2016 08:13
LONDON (Alliance News) - ICG-Longbow Senior Secured UK Property Debt Investments Ltd Tuesday said it has been repaid an GBP18.1 million loan and said it it is in "advanced discussions" about redeploying the proceeds in a transaction that will be "accretive to shareholders".
ICG-Longbow, a senior debt investment company, said the Mansion loan has been repaid after the borrower sold two student accommodation properties that were provided as security for the loan provided by ICG-Longbow.
The loan has been repaid in full, together with exit and prepayment fees of approximately GBP2.5 million in aggregate, the company said.
"The company is in advanced discussions to deploy these proceeds in a transaction which would be accretive to shareholder value. The company anticipates that this transaction will close before the end of March and will make a further announcement in due course," said ICG-Longbow.
ICG-Longbow shares were untraded on Tuesday morning, last trading at 103.0 pence.
By Joshua Warner; [email protected]; @JoshAlliance
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