19th Feb 2014 12:09
LONDON (Alliance News) - Intu Properties PLC Wednesday said it plans to launch GBP110 million additional class A, B and D notes under the Trafford Centre Finance Ltd commercial mortgage-backed securities transaction, which it will use to fund future developments.
The new notes will be secured by the Trafford Centre, Intu's Manchester-based shopping centre.
The notes will rank on equal footing to the current outstanding class A, B and D notes and will have an average maturity of nine years. It expects the new notes to obtain an investment grade rating.
At the end of December, the assets secured under the Intu Trafford CMBS totalled GBP1.82 billion, indicating a loan to value ratio of around 45% after the issuance of the new notes, the company said.
The shopping centre and the adjoined property outside the collateral pool was valued at GBP1.90 billion in December 2013.
The stock was trading at 318.40 pence Wednesday morning, up 0.10 pence or 0.0%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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