MACAU PROPERTY OPPORTUNITIES FUND LIMITED 9 March 2015
Macau Property Opportunities Fund Limited
("MPO" or the "Company")
New loan facility generates US$15.5 million cash
Macau Property Opportunities Fund Limited announces that it has secured a new loan facility of US$28.4 million for its low-rise residential development The Fountainside.
The refinancing, which has been agreed with the Industrial and Commercial Bank of China (Macau) Limited, generates US$15.5 million net cash after the repayment of an existing US$12.9 million loan facility with OCBC Wing Hang Limited (Macau) (previously known as Banco Weng Hang).
MPO's total cash balance following this transaction rises to c. US$22 million.
In addition, all of The Fountainside's presold units will be released as collateral, resulting in c. US$19 million of unrestricted sales proceeds upon handover of presold units. Thereafter, the future sales proceeds from unsold units will be pledged for the loan repayment.
Once fully drawn down, the project's loan-to-value ratio will rise to 50% from the current level of 17%.
Major terms of the facility are as follows:
- Interest will be charged at 3-month HIBOR plus 3% per annum.
- Repayment is based on a half-yearly instalment after 12 months with 50% at maturity.
- The facility is with recourse to MPO and is a term for 3 years to 2017.
--Ends--
About Macau Property Opportunities Fund
Macau Property Opportunities Fund Limited is a closed-end investment fund registered in Guernsey. Listed on the London Stock Exchange's main market, it is also a constituent stock of the FTSE All-Share and FTSE SmallCap indices.
Launched in 2006, the Company targets strategic property investment and development opportunities in Macau and Mainland China's western Pearl River Delta. Its current US$548 million portfolio comprises a mix of well-positioned residential and retail property assets.
The Fund is managed by Sniper Capital, an Asia-based property investment manager with an established track record in fund management and investment advisory.
For further information:
Company Registration Number 44813
Website: www.mpofund.com
Public Relations
MHP Communications
Simon Hockridge / Andrew Jaques / James Morgan
Tel: +44 20 3128 8100
Manager
Sniper Capital Limited
Tel: +65 6222 1440 (Investor Contact)
Tel: +853 2870 5151(Fund Advisor)
Email: info@snipercapital.com
www.snipercapital.com
Corporate Broker
Liberum Capital
Chris Bowman / Richard Bootle
Tel: +44 20 3100 2228
Company Secretary & Administrator
Heritage International Fund Managers
Mark Huntley
Tel: +44 14 8171 6000
Stock Codes:
Bloomberg: MPO LN
Reuters: MPO.L
This information is provided by RNS
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