Reorganisation of loan notes arrangements


 

TIDMIRET 
 
RNS Number : 7027T 
ING UK Real Estate Income Trust Ltd 
01 October 2010 
 

ING UK Real Estate Income Trust Limited 
 
1 October 2010 
 
 
     ING UK Real Estate Income Trust announces reorganisation of loan notes 
                                  arrangements 
 
ING UK Real Estate Income Trust Limited ("IRET" / "the Company"), a Guernsey 
registered closed-ended investment company today announces that it has 
reorganised the loan stock inherited as part of the Rugby Estates Investment 
Trust Plc ("Rugby REIT") acquisition thereby allowing a move towards a wind up 
of the associated entities in due course. 
 
The steps undertaken are as follows: 
 
·      As at 30 September 2010, the Company has reduced the debt outstanding 
under such stock to GBP 2.6 million from GBP 3.3 million as at 30 June 2010. 
 
·      It has issued new unsecured loan notes (Loan Notes) in the total amount 
of GBP 2.35  million to certain holders of existing loan notes (Rugby Notes) in 
IRET Securities Investments Limited (formerly Rugby Estates Investment Trust 
plc), in exchange for existing Rugby Notes to the same value, which the Company 
intends to redeem. 
 
·      The Loan Notes have been issued on the same terms as the Rugby Notes, 
save that certain of the Rugby Notes were subject to a bank guarantee. The Loan 
Notes are not guaranteed and mature on 30 September 2012.  There are two forms 
of Loan Notes of which GBP 2.16 million pay a rate of interest at 0.5% above the 
LIBOR rate and a further GBP 0.2 million currently pays a nil rate of interest 
(calculated at 0.75% below the Royal Bank of Scotland Base Rate). 
 
·      The remaining Rugby Notes amounting to GBP 0.24 million will be repaid in 
due course following an accelerated redemption and repayment undertaken by IRET. 
 
The transaction has been undertaken to secure financially attractive funding for 
the Company and will support a move towards the completion of the structural 
reorganisation required following the corporate acquisition of Rugby REIT 
earlier this year. 
 
For further information: 
 
The Company Secretary 
Northern Trust International Fund Administration Services (Guernsey) Limited 
Trafalgar Court 
Les Banques 
St Peter Port 
Guernsey 
GY1 3QL 
 
Tel:    01481 745529 
Fax:    01481 745085 
 
ING Real Estate Investment Management (UK) Limited 
Helen Stott, 020 7767 5648, helen.stott@ingrealestate.co.uk 
 
Financial Dynamics 
Dido Laurimore/Laurence Jones, 020 7831 3113 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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