RNS Number : 6495X
Macau Property Opportunities Fund
27 June 2008
Macau Property Opportunities Fund Limited
("MPO" or the "Company")
Loan Facility Agreed
Macau Property Opportunities Fund Limited, managed by Sniper Capital Limited, today
announces that it has agreed terms for a club loan
facility of HK$642.82 million (c.US$82.5 million) with a consortium of international and
Macanese Banks, led by HSBC.
The debt facility will be used to finance the remaining consideration for Tower 6 and the
25 individual units acquired by the Company in
One Central Residences, Macau's premier luxury residential development currently under
construction. Drawdown of the loan will be upon
handover of the project in 2009 and is subject to usual conditions including agreement of
final documentation.
The loan will be secured by means of a first registered legal mortgage over all the
residential units owned by the Company at One
Central Residences. The term of the loan is approximately 4.5 years to 30 September 2012, with
drawdown to be made no later than 30 December
2009. Interest will be charged at 3-month HIBOR plus 1.4% per annum. The facility is to be
repaid in four half-yearly instalments
commencing 30 March 2011 or 15 months from the date of drawdown, whichever is earlier.
In addition to this facility, the Company is in ongoing discussions with respect to
construction financing for its development projects,
further details of which will be released in due course.
David Hinde, Chairman of MPO said: "This is the Company's first debt financing transaction
and reflects the strong relationship MPO has
developed with HSBC and a number of other banking organisations. The securing of this debt
facility is a prudent measure during this period
of tightening global liquidity and allows the Manager to continue to execute the Company's
investment strategy with confidence and
visibility."
--Ends--
About Macau Property Opportunities Fund
Macau Property Opportunities Fund Limited, which raised £105 million in a placing and
commenced trading on the Alternative Investment
Market of the London Stock Exchange in 2006, is a closed-end investment fund registered in
Guernsey.
The Company's investment policy is to provide shareholders with an attractive total return
through investing in property opportunities
in one of the world's fastest growing and most dynamic regions - Macau and the Western Pearl
River Delta of Southern China.
The Fund is managed by Sniper Capital Limited, an independent investment manager that
specialises in property investment opportunities
in niche, undervalued and developing markets.
About One Central
One Central is a high-end mixed-use development project combining residential, hotel and
retail facilities on a prime waterfront site
located on Macau Peninsula. The high quality of design and construction being overseen by the
joint venture partners Hongkong Land and Shun
Tak Holdings, will ensure that One Central stands well above other existing and currently
planned projects in Macau. One Central
Residences, the residential portion of the project, comprises seven towers of premium luxury
apartments. MPO acquired Tower 6 in November
2006 and subsequently purchased an additional 25 well-positioned units across various other
towers. The project is due for completion in
2009.
For further information:
Website: www.mpofund.com
Public Relations
Hogarth Partnership Limited
Andrew Jaques / Sarah Richardson
Tel: +44 20 7357 9477
Nominated Adviser and Joint Broker
Collins Stewart Europe Limited
Hugh Field
Tel: +44 20 7523 8325
Joint Broker
Shore Capital Stockbrokers Limited
Dru Danford
Tel: +44 20 7408 4090
Company Secretary & Administrator
Heritage International Fund Managers Limited
Mark Huntley / Laurence McNairn
Tel: +44 1481 716000
Manager
Sniper Capital Limited
Corporate & Investor Communications
Daisy Tang
Tel: +852 2292 6700
Email: info@snipercapital.com
www.snipercapital.com
Stock Codes:
Bloomberg:MPO LN
Reuters:MPO.L
This information is provided by RNS
The company news service from the London Stock Exchange
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