16th Sep 2014 13:13
LONDON (Alliance News) - Intu Properties PLC Tuesday said it has agreed a new GBP163.2 million seven year loan and revolving credit facility with Wells Fargo Bank NA to refinance its 50% share of the St David's Shopping Centre in Cardiff.
St David's is jointly owned by Intu and Land Securities Group PLC.
The loan is split into a GBP122.5 million term loan and a GBP40.7 million committed revolving credit facility, which is currently undrawn.
The proceeds have been used for general corporate purposes and to repay Intu's GBP78 million share of its GBP156 million debt on the shopping centre which matured on August 28.
Intu Properties shares were quoted down 2.0% at 334.40 pence Tuesday afternoon, putting it among the ten worst performers on the FTSE 100.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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