Debt facility restructuring
Debt facility restructured with Barclays; repayment extended to December 2025, facility reduced and interest margin cut.
- Facility amount £46.6 million (prior £47.5 million)
- Interest rate margin 2.0% (prior 3.25%)
- Final repayment date 23 December 2025 (prior 23 March 2025)
- Exit fee £0.5 million
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The Conygar Investment Company PLC ("Conygar"), the property investment and development group, announces the completion of its debt facility restructuring in connection with the development loan provided by Barclays Bank PLC ("Barclays") to a wholly owned subsidiary of the Company. The restructuring extends the final repayment date for the loan from 23 March 2025 to 23 December 2025. This will enable the further letting and stabilisation of Winfield Court, the student accommodation development at The Island Quarter site in Nottingham, provided as security for the loan.
In addition, the total facility amount will be reduced from £47.5 million to £46.6 million and the interest rate margin payable on the loan reduced from 3.25 per cent to 2.0 per cent to be offset by the inclusion of a £0.5 million exit fee.
Robert Ware, Chief Executive of Conygar, commented:
"We are delighted to have extended the development loan facility with Barclays which will enable the further letting and better stabilisation of our student accommodation development for the 2025-2026 academic year.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.