13th Nov 2013 14:30
LONDON (Alliance News) - Intu Properties PLC Wednesday launched a GBP485 million ten-year bond secured against the Metrocentre in Gateshead, to repay existing debts secured against the retail centre.
The bond means the company doesn't have any significant debts maturing until 2016.
The bond will pay 4.125%, representing an initial loan to value ratio of about 55%. It is a saving of some 160 basis points compared with existing debt facilities and reduce Intu's average borrowing cost to 4.9%, the company said.
Intu shares were down 1.5% at 331.8 pence Thursday afternoon.
By Steve McGrath; [email protected]; @SteveMcGrath1
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