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MPE Properties Limited : Change of repayment schedule under the Loan Note Programme
Hamilton, Bermuda – 14 October, 2016 – In a filing with the Bermuda Stock Exchange (“BSX”), MPE Properties Limited (the “Company”) announced a change in their loan note repayment schedule. The filing stated:
In March 2015 MPE Properties Limited issued 10.5% secured loan notes in the nominal amount of £1,050,000 and with a final maturity date of 25 March 2019 (the “Loan Note Programme”).
In June 2015 Maydown Precision Engineering Limited was placed into administration and in July 2015 its assets were sold to Schivo NI Limited, a newly formed subsidiary of the Schivo group of engineering companies. Schivo NI Limited became the new tenant of the property owned by the Company. It was initially granted a licence to occupy the premises. A formal ten year lease was signed in December 2015 at a rent of £150k p.a.
Under the terms of the Loan Note Programme, the Company was required to maintain a cash balance of £100k to be used to maintain payments to noteholders in the event of any disruption in rent payments. In its capacity as security trustee, Lesmoir-Gordon, Boyle & Co. Limited (“LGB”) agreed with the Company that the £100k reserve could be used to cover various transaction costs and the quarterly shortfall cause by the lower rent payments from the new tenant of the premises.
On 6 October 2016 the loan noteholders agreed by way of a resolution to restructure the repayment schedule under the Loan Note Programme.
The interest payments on the notes are to be maintained at 10.5% p.a., although the principal payments will be reduced such that on the maturity date the outstanding balance of principal will be 80% rather than 60% of the original nominal amount. All other terms of the loan notes will remain unchanged and the loan notes remain secured by a senior fixed and floating charge over the assets of MPE Properties Limited.
Details of the new repayment schedule are available on request from the Company or LGB.
Lesmoir-Gordon, Boyle & Co. Limited
Angus Grierson
Director, Corporate Finance +44 207 518 9892
Simone Westerhuis
Associate Director, Investment Advisory +44 207 758 9622
MPE Properties Limited
Will Rawkins
a2e Capital Partners Limited
Corporate Director of Maydown Precision Engineers Holdings Limited
+44 161 923 6004