19th Jun 2015 16:45
INTU ANNOUNCES AMENDMENT AND EXTENSION OF SECURED GROUP STRUCTURE TERM LOAN
Intu Properties plc announces a margin reduction and extension to the £352 million term loan within its Secured Group Structure ("SGS"). Following negotiations with lenders, the margin on the term loan, which is linked to the different tier levels within the SGS, has reduced by between 125 and 150 basis points compared to the existing facility. The maturity date has also been extended by two years to March 2020, with a further two one year extensions at the lenders' discretion. This will reduce the Group's weighted average cost of gross debt to 4.5 per cent (December 2014: 4.7 per cent).
The SGS structure was established in March 2013 as a central source of funding for Intu. At that time four centres with a value of £2,300 million, being intu Lakeside, intu Watford, intu Victoria Centre and intu Braehead, were contributed in to the structure and £1,152 million was raised in the form of secured bonds and term loans. In November 2014, a further two centres, intu Derby and intu Chapelfield, were transferred in to the SGS and an additional £350 million of bonds issued, taking the outstanding debt to £1,502 million against a total asset value at that time of £3,146 million.
Matthew Roberts, Chief Financial Officer of Intu, commented:
"We have worked closely with our relationship banks on the margin reduction and extension of this loan. We are pleased to have been able to secure these revised terms and I am very grateful for their on-going support of Intu."
ENQUIRIES
Intu Properties plc | ||
Matthew Roberts | Chief Financial Officer | +44 (0)20 7960 1353 |
Hugh Ford | General Counsel & Group Treasurer | +44 (0)20 7960 1207 |
Adrian Croft | Head of Investor Relations | +44 (0)20 7960 1212 |
Public relations | ||
UK: | Justin Griffiths, Powerscourt | +44 (0)20 7250 1446 |
SA: | Frédéric Cornet, Instinctif Partners | +27 (0)11 447 3030 |
NOTES FOR EDITORS
Intu is the leading owner and manager of prime regional shopping centres in the UK.
A FTSE 100 company, Intu owns and operates many of the UK's biggest and most popular retail and leisure destinations, including nine of the top 20, incorporating super-regional centres such as intu Trafford Centre, intu Lakeside and intu Metrocentre, together with a number of city centre locations from Watford to Newcastle.
With over 23 million sq. ft. of space hosting top UK and international retailers from Apple to Zara, Intu centres attract some 400 million customer visits from over half of the UK's population every year.
Intu has a UK investment pipeline of £1.3 billion over the next ten years to add 2.6 million sq. ft. of new retail and leisure space, of which 2 million sq. ft. is already consented. Major projects due to be underway soon include the extension and refurbishment at intu Watford and the leisure expansion at intu Lakeside.
Intu also has a growing presence in the Spanish market, owning two of Spain's top 10 centres: intu Asturias in Oviedo, and Puerto Venecia in Zaragoza, a development site in Malaga with options on a further three sites in Valencia, Palma and Vigo.
intu creates a compelling experience for its customers, both on and offline, delivering on its brand promise to provide the most digitally connected shopping centres, world-class service and events with a difference. National initiatives include the annual 'Everyone's Invited' event which in 2014 increased footfall that weekend by an average of 13%. Our objective is for customers to come more often and stay for longer, in turn helping intu's retailers to flourish.
With some 115,000 people employed at Intu's centres in the UK, representing some 4% of the UK's total retail workforce, Intu is fully committed to supporting its local communities and the wider environment and is proud to have received widespread recognition for its Corporate Responsibility achievements, including the coveted BitC CommunityMark.
For further information see www.intugroup.co.uk
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