AXA PROPERTY TRUST LTD - Extension of the Company's Debt Facility
July 05 2016 - 6:51AM
PR Newswire (US)
5 July
2016
AXA Property Trust Limited
Extension of the Company’s Debt
Facility
In view of the targeted disposal timetable for the Company’s
remaining real estate assets, the Board of AXA Property Trust
Limited is pleased to announce that the Company has agreed and
concluded an extension of the Company’s loan facility with its
co-lenders. The terms of the extension are as follows:
| Remaining loan |
EUR 17,964,525 |
| Maturity date |
31st
December 2016 |
| Loan-to-value (LTV Test) |
42.6% (60% maximum
limit)
Based upon bank valuation as at 31 March 2016 |
| Margin |
240 bps |
| Extension fee |
EUR 90,000 |
| All-in rate |
EURIBOR 3M +
240bps |
| Amortisation |
None |
Under the terms of the extension net sales proceeds and rents
from the portfolio will be used to repay the debt in priority to
shareholder distributions.
Enquiries:
All Enquiries:
Investment Manager
AXA Investment Managers UK Limited
Broker Services
7 Newgate Street
London EC1A 7NX
Tel: +44 (0)20 7003 2345
Email: broker.services@axa-im.com
Corporate Broker
Stifel Nicolaus Europe Limited
150 Cheapside
London EC2V 6ET
Tel: +44 (0)20 7710 7600
Company Secretary
Northern Trust International Fund Administration Services
(Guernsey) Limited
Trafalgar Court
Les Banques
St Peter Port
GY1 3QL
Tel: +44 (0)1481 745324
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