16th Sep 2014 13:57
16 September 2014
INTU PROPERTIES PLC
INTU ANNOUNCES NEW £163.2M SEVEN YEAR TERM LOAN AND REVOLVING CREDIT FACILITY WITH WELLS FARGO BANK TO REFINANCE ITS 50% SHARE OF THE ST. DAVID'S SHOPPING CENTRE IN CARDIFF
Intu Properties plc ("Intu") announces that it has concluded arrangements with Wells Fargo Bank NA ("Wells Fargo") for a new £163.2m combined term loan and revolving credit facility ("New Facility") with a final maturity of July 2021 for the St David's shopping Centre in Cardiff ("St David's"). The New Facility is secured on Intu's 50% share interest in St David's and is split with a £122.5m term loan and a £40.7m committed revolving credit facility which is currently undrawn. The proceeds have been used to repay Intu's £78m share of the £156m debt on the centre that matured on the 28th August 2014 and for general corporate purposes.
St David's is a 1.4m square foot shopping centre based in Cardiff, South Wales and is jointly owned by Intu and Land Securities Group plc.
Enquiries:
Intu Properties plc | ||
Matthew Roberts | Chief Financial Officer | +44 (0)20 7960 1353 |
Adrian Croft | Head of Investor Relations | +44 (0)20 7960 1250 |
Public relations | ||
UK: | Michael Sandler/Wendy Baker, Hudson Sandler | +44 (0)20 7796 4133 |
SA: | Frédéric Cornet/Nick Williams, Instinctif Partners | +27 (0)11 447 3030 |
NOTES FOR EDITORS
Intu owns and operates some of the very best shopping centres, in some of the strongest locations right across the country, including nine of the UK's top 20. You can find the UK's top retailers in our shopping centres, alongside some of the world's most iconic global brands.
With over 21 million sq ft of retail space, our centres attract over 400 million customer visits a year and more than 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 customers with added theatre.
Our nationwide consumer facing shopping centre brand is transforming our customer experience and digital proposition, including a transactional website with a view to providing the UK's leading shopping centre experience both on and off-line.
We have an investment plan of £1.2 billion over the next ten years with projects at 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.
For further information see intugroup.co.uk
This announcement contains "forward-looking statements" regarding the belief or current expectations of Intu Properties plc, its Directors and other members of its senior management about Intu Properties plc's businesses, financial performance and results of operations.
These forward-looking statements are not guarantees of future performance. Rather, they are based on current views and assumptions and involve known and unknown risks, uncertainties and other factors, many of which are outside the control of Intu Properties plc and are difficult to predict, that may cause actual results, performance or developments to differ materially from any future results, performance or developments expressed or implied by the forward-looking statements. These forward-looking statements speak only as at the date of this announcement. Except as required by applicable law, Intu Properties plc makes no representation or warranty in relation to them and expressly disclaims any obligation to update or revise any forward-looking statements contained herein to reflect any change in Intu Properties plc's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
Any information contained in this announcement on the price at which shares or other securities in Intu Properties plc have been bought or sold in the past, or on the yield on such shares or other securities, should not be relied upon as a guide to future performance.
--------------------------------------------------------------------------------------------ENDS--------------------------------------------------------------------------------------------
Related Shares:
INTU.L