Project Finance Investments Limited has announced that it has made a 16 year loan in an amount of up to GBP12.8 million to finance the construction and operation of a care home which, upon completion in 2017/18, will comprise c. 67 units.
The loan is secured by way of first ranking charges against the property and has been funded from the proceeds of the Company’s recent issue of C Shares.
Project Finance Investments has invested c. GBP4.0 million of the proceeds of the recent issue of C Shares in additional tranches of the c. 20 year loan note secured against social housing units leased by housing associations in England which was announced on 1 March 2016 and which was initially subscribed in an amount of c. GBP4.2 million. Project Finance Investments has now invested substantially all of the proceeds of the recent C share issue in accordance with its investment policy and consequently the conversion of the C shares will take place in accordance with the provisions of the Articles, as summarised in the prospectus dated 27 April 2016. It is currently expected that the conversion date will be 18 October 2016 when dealings in the new ordinary shares arising on conversion are currently expected to commence, and the listing of the C shares to be cancelled.
PROJ : Project Finance lends against care home