OTE O Twelve Estate

TIDMOTE

RNS Number : 1505G

O Twelve Estates Limited

09 May 2011

O Twelve Estates Limited ("O Twelve" or the "Company")

Partial Termination of Loan Hedging

9 May 2011

O Twelve announces that it has terminated fixed rate hedging arrangements on GBP26 million of its outstanding bank loans at a one off cost of GBP3.0 million. At current rates, the cash cost of the Company's loan interest will reduce by GBP1.1 million per annum.

Following the termination, the Group's fixed rate tranche of its loans are at 5.155% per annum, excluding margin, on GBP89 million until January 2015 and on GBP63 million from January 2015 until December 2016. The remainder of the loans, up to the total outstanding of GBP124.8 million, incur interest based on prevailing variable interest rates. Following the termination the Company's blended cost of debt is 5.9%, including margin and at current interest rates.

Phil Rhodes, Chairman of O Twelve commented:

"The partial termination of the Company's fixed rate hedging lowers interest costs, improves operating cash flow and gives us greater flexibility in considering opportunities to add to shareholder value following the successful completion of the Placing and Open Offer in January."

Enquiries:

O Twelve Estates Limited

Phil Rhodes, Chairman

+44 (0)207 016 0050

Rugby Asset Management

David Tye

Andrew Wilson

+44 (0) 20 7016 0050

Fairfax I.S. PLC

Simon Bennett

Katy Birkin

+44 (0) 20 7598 5368

Financial Dynamics

Stephanie Highett

Dido Laurimore

Will Henderson

+44 (0) 20 7831 3113

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCDKADKABKDFPK

O Twelve Estates (LSE:OTE)
과거 데이터 주식 차트
부터 5월(5) 2024 으로 6월(6) 2024

O Twelve Estates (LSE:OTE)
과거 데이터 주식 차트
부터 6월(6) 2023 으로 6월(6) 2024