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PROJ notes GBP10m investment commitment

01 March 2016 11:17

Project Finance Investments Ltd announces a loan of up to GBP10m to finance social housing units in the UK through a loan note with an average life of 20 years.

The loan note will be issued in tranches, with an initial amount of £4.2 million subscribed for immediately and the remainder expected to be issued over the coming two to three months.

The loan is subject to upward-only principal indexation in line with various inflation measures and secured against both the social housing units and the leases thereon.

The leases are with housing associations in England regulated by the Homes and Communities Agency and are fully repairing and insuring with terms of no less than 20 years.

The acquisition of the Loan Note has been financed fully from the proceeds of the Company's IPO. Following this investment the Company has committed c.75% of the net proceeds of the IPO.

At 11:17am: (LON:PROJ) Project Finance Investments Ltd Ord Npv share price was 0p at 101p

Story provided by StockMarketWire.com

Related Company: PROJ

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