Alpha Pyrenees has announced a new extension of its loan facilities with Barclays Bank PLC to 15 April 2016. The maturity date for its borrowings (€257.8m) was 15 October 2015. The company says that current interest rates will continue to apply to the facilities during the new extension period. Arrangement fees (charged at 2% per annum pro-rated) on the initial and new extensions will all be deferred to the new maturity date and will be payable to the extent that the trust has sufficient cash funds at that time. The trust is currently compliant with its borrowing covenants. The trust, whose interim results announcement in August, showed its net asset value as being zero (though adjusting for the impact of derivative contracts and deferred tax gives an NAV of 2.4p), then decided to pursue an orderly realization of its investment property. The trust says that it continues to have the support of its lender for an orderly realisation and that the investment manager will continue to concentrate on active asset management and property management initiatives to secure the Trust’s income while pursuing asset sale opportunities. Further updates will be provided in due course.
Alpha Pyrenees extends its borrowing facilities until April 2016 : ALPH