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Project Finance £20.2m investment

05 November 2015 15:07

Project Finance Investments has completed a transaction committing the company to subscribe for a loan note with a term of c.7 years in an amount of up to c. £20.2m, of which c. £8m is subscribed for immediately with the remainder expected to be subscribed for over the next 4 months.

The yield on the loan note is c. 7.6% per annum, payable quarterly in arrears.

The loan note was issued by Project Finance Investments (UK) Limited, a wholly owned subsidiary of the company.

The proceeds of the loan note issue will be used to provide asset backed finance (the 'bridging co loans') to a series of specialist lenders active in the UK short term finance market.

The bridging co loans will be secured by way of a series of first ranking charges against primarily residential property, all of which will be in the UK.

All payments of both principal and interest in relation to the loan note are expected to be serviced from income arising from the bridging co loans. The acquisition of the loan note has been financed fully from the proceeds of the company's recent IPO.

At 3:07pm: (LON:PROJ) Project Finance Investments Ltd Ord Npv share price was 0p at 103.5p

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