7th Mar 2013 16:37
INTU PROPERTIES PLC
7 MARCH 2013
INTU ANNOUNCES LAUNCH AND PRICING OF £800 MILLION BOND TRANSACTION
Intu Properties plc today announces a £800 million debut bond issue for Intu (SGS) Finance plc, the company's new secured group structure. The issue is divided into two tranches of £450 million 3.875 per cent bonds due 2023 and £350 million 4.625 per cent bonds due 2028, priced at spreads of 210 bps and 205 bps respectively over the relevant reference gilts.
The notes will be rated A(sf) by Standard & Poor's. Bank of America Merrill Lynch, HSBC and UBS Investment Bank acted as joint bookrunners. Rothschild provided independent debt advice to Intu.
The bond transaction forms the major part of the overall £1,150 million refinancing of intu Lakeside, intu Braehead, intu Watford and intu Victoria Centre announced on 27 February 2013. The remainder of the debt is provided by a five year term loan with the strong demand for the bond transaction removing the need for a bridge facility component. In aggregate and including amortisation of fees, the estimated blended cost of borrowing of the new structure is circa 4.4 per cent per annum.
Matthew Roberts, Finance Director of Intu Properties plc, commented
"I am pleased to announce the terms of this successful bond transaction, which is the inaugural issue for our new debt funding platform. I am delighted with the level of demand shown for this 'A' rated debt secured on four of Intu's prime shopping centres. This issue diversifies our sources of funding beyond the banking markets and significantly extends our debt maturity profile. I am confident that the new debt platform will provide flexible and ready access to debt markets on an ongoing basis, enabling issue of a range of instruments at competitive margins."
Enquiries:
Intu Properties plc | ||
Matthew Roberts | Finance Director | +44 (0)20 7960 1353 |
Kate Bowyer | Head of Investor Relations | +44 (0)20 7960 1250 |
Public relations | ||
UK: | Michael Sandler/Wendy Baker, Hudson Sandler | +44 (0)20 7796 4133 |
SA: | Nick Williams/Vanessa Hillary, College Hill | +27 (0)11 447 3030 |
A copy of this announcement is available for download from our website www.intugroup.co.uk.
NOTES TO EDITORS
Intu Properties plc (formerly Capital Shopping Centres Group PLC) owns and operates some of the very best shopping centres, in the strongest locations right across the country, including ten of the UK's top 25. You can find every one of the UK's top 20 retailers in our shopping centres, alongside some of the world's most iconic global brands.
With 16.6 million sq ft of retail space, valued at £7 billion, our centres attract over 320 million customer visits a year and two thirds of the UK population live within a 45 minute drive time of one of our centres.
At the forefront of UK shopping centre evolution since the 1970s our focus is on creating compelling destinations for consumers, with added theatre.
On 15 January this year, we announced the creation of a nationwide consumer facing shopping centre brand - intu - and the transformation of our digital proposition including a transactional website, to provide the UK's leading shopping centre experience on and off-line.
We have an investment plan of £1 billion over the next ten years on active management projects and major extensions of existing assets involving most of our centres.
Over 80,000 people are employed at our centres across the UK and we are fully committed to supporting our local communities and the wider environment through meaningful and hands-on initiatives.
We changed our name from Capital Shopping Centres Group PLC to Intu Properties plc on 18 February 2013.
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