Statement re Proton Bank Loan Facility (2285F)
June 13 2012 - 2:00AM
UK Regulatory
TIDMAREO
RNS Number : 2285F
Argo Real Estate Opportunities Fd
13 June 2012
13 June 2012
Argo Real Estate Opportunities Fund Limited
("AREOF" or "the Company")
Statement Re: Proton Bank Loan Facility
The Board is pleased to announce that it has reached an
agreement with Proton Bank ("Proton") regarding the Company's
defaulting Proton facilities.
As announced on 21 December 2011, AREOF declared a default on
its EUR 25M Loan Facility Agreement entered in to on 19 December
2007 and an associated EUR 0.9m loan from Proton ("the Proton
Facility").
Under the terms agreed between the parties, the Proton Facility
will be refinanced by way of a new EUR 29.3m credit line (the "New
Facility") from Proton. The New Facility shall mature on 31
December 2016, carry an interest rate of 12 month Euribor plus a
margin of 4.6% and give the Company the right to capitalize 50% of
total interest due for the first three interest periods (payable on
31 December 2012, 31 December 2013 and 31 December 2014). The New
Facility shall enjoy the same security package as the previous
facility. It is a condition to the New Facility being made
available that the Company shall pay EUR 2.1m of overdue interest
to Proton Bank. The agreement is subject to final
documentation.
Enquiries:
Argo Real Estate Opportunities Fund Limited
David Clark, Chairman +44 (0)1481 735 540
finnCap Limited (Nominated Adviser)
Matthew Robinson
Henrik Persson +44 (0) 207 220 0500
Shore Capital (Joint Broker)
Edward Mansfield +44 (0) 20 7408 4090
Bishopsgate Communications (Financial PR)
Nick Rome +44 (0) 20 7562 3350
This information is provided by RNS
The company news service from the London Stock Exchange
END
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