Renegotiation of sterling loan facility
2010年9月7日 - 8:35PM
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RNS Number : 2871S
Real Estate Opportunities PLC
07 September 2010
Real Estate Opportunities plc
Renegotiation of sterling loan facility agreements relating to Battersea Power
Station
The Company reported in its annual report and accounts published on 23 June 2010
that the group's sterling loan facilities, in respect of which a loan to value
covenant was breached as at 28 February 2010, had been renegotiated, subject to
completion of legal documentation. The Company is pleased to announce that the
documentation has now been completed and executed.
Accordingly, on terms agreed with the lenders, the group's GBP225 million power
station facility with Bank of Scotland plc and The Governor and Company of the
Bank of Ireland (on behalf of the National Asset Management Agency) and GBP37.55
million site assembly facility with Bank of Scotland plc have been extended to
31 August 2011 and all existing breaches been waived. The agreement is
conditional on the Company (i) effecting a compromise by 1 October 2010 with the
holders of the GBP150 million series A and series B loan notes including in
relation to all principal and interest ; and (ii) effecting a compromise by 29
October 2010 with the holders of the cumulative unsecured loan stock. Under the
facility agreements, the group will also need to effect a compromise with the
holders of the zero dividend preference shares issued by REO Securities Limited.
As previously announced, negotiations are ongoing with these parties and a
further announcement will be made in due course.
Ray Horney, Chairman of Real Estate Opportunities, commented:
"We are delighted to have completed the renegotiation of this loan facility with
new terms which are consistent with our announcement in June. We would like to
thank our lenders for their ongoing support, which we believe reflects their
commitment to our development proposals for Battersea Power Station. Our
development plans are progressing well and we look forward to updating the
market on the planning process in the near future."
- END -
For further information please contact:
Contact:
Real Estate Opportunities plc
Ray Horney, Chairman
Tel: + 44 (0)1273 775 225
Matrix Corporate Capital
Paul Fincham
Tel +44 (0)20 3206 7000
Goodbody Stockbrokers
Linda Hickey, Corporate Broking
Tel +353 1 641
6017
Finsbury
Gordon Simpson/Ed Simpkins
Tel: +44 (0)207 251 3801
Murray Consultants
Ed Micheau
Tel: + 353 1 498 0300
This information is provided by RNS
The company news service from the London Stock Exchange
END
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