Alpha Pyrenees Trust Limited Borrowings Extended to 15 October 2015 (6859M)
May 08 2015 - 11:30AM
UK Regulatory
TIDMALPH
RNS Number : 6859M
Alpha Pyrenees Trust Limited
08 May 2015
8 May 2015
ALPHA PYRENEES TRUST LIMITED
("ALPHA PYRENEES" OR THE "COMPANY" OR THE "TRUST")
BORROWINGS EXTENDED TO 15 OCTOBER 2015
Further to the announcement on 10 February 2015 regarding the
extension to 11 May 2015 of the Trust's loan facilities with
Barclays Bank PLC ("Barclays"), the Board of Alpha Pyrenees is
pleased to report that a new extension has been agreed and the
maturity date of all its borrowings (EUR271.5m) is now extended to
15 October 2015.
The current interest rates will continue to apply to the
facilities during the extension period. Arrangement fees (charged
at 2% per annum pro-rated) on the initial and new extensions will
all be deferred to the new maturity date and will be payable to the
extent that the Trust has sufficient cash funds at that time. The
Trust is currently compliant with its borrowing covenants.
The Trust has the support of its lender for an orderly
realisation of its investment property. To further this endeavour,
the Company has entered into a formal agreement with Barclays in
which an operational framework will be developed to achieve this
realisation in a consensual manner. The Trust will also continue to
consider refinancing options including the potential refinancing of
assets by third party lenders. The Investment Manager will continue
to concentrate on active asset management and property management
initiatives to secure the Trust's income while pursuing asset sale
opportunities.
The Trust will provide further updates in due course.
For further information:
Dick Kingston, Chairman, Alpha Pyrenees Trust Limited 01481 231100
Paul Cable, Fund Manager, Alpha Real Capital LLP 020 7391 4700
For more information on the Trust, please visit
www.alphapyreneestrust.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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