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GCP Asset Backed Income Fund Ltd on Monday said it has received £35 million in early loan repayments. The London-based investor, which backs medium to long-term fixed or floating rate loans secured against physical assets or cash flows, said it was paid £33.64 million in principal debt, £650,000 of accrued interest and an early prepayment fee of £750,000 from a nursery group. The loan was secured against a portfolio of nurseries across the UK. It said the contractual repayment dates of the loan were between 2027 and 2031. At September 30 the value of the loans was £33.64 million. GCP said it will use the funds to repay its outstanding balance on its revolving credit facilities, reduce its net debt or repurchase its own shares. It expects to fully repay its credit facility by December 31. Chair Alex Ohlsson said: ‘The board is pleased with the level of prepayment that the Investment Manager has achieved from this portfolio of loans to a nursery group. The loans have been repaid considerably ahead of their contracted repayment dates, which will enable the company to fully repay its outstanding debt facilities and end the year with no borrowings. The board and the Investment Manager remain committed to maximising value for shareholders.’ GCP shares rose 4.2% to 64.62 pence each on Monday morning in London. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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