6th Nov 2013 12:59
LONDON (Alliance News) - Intu Properties PLC Wednesday proposed a GBP485 million bond to refinance existing debt facilitates which are due to mature in February 2015.
The bond will be secured on Intu Metrocentre, a shopping centre and retail park in Gateshead.
The proposed transaction is to have a simple capital structure with opening loan-to-value ratio of around 55% and is expected to obtain an investment grade rating.
HSBC and Lloyds Bank will be acting as joint bookrunners on the proposed bond issue and Rothschild is providing independent debt advice to The Metrocentre Partnership.
The bond is expected to be listed on the Irish Stock Exchange.
The stock was trading at 332.90 pence Wednesday, down 2.60 pence 0.8%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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