Intu signs Â£600m banking facility
Shopping centre owner Intu Properties has agreed a £600m revolving credit facility with a club of seven banks. It replaces a £375m package that was due to expire in November 2018.
The facility has been provided by seven banks including all the providers of its last arrangement being Bank of America Merrill Lynch, Credit Suisse, HSBC, Lloyds Banking Group and UBS. Barclays and the Royal Bank of Scotland have also joined.
"I am very pleased with this successful refinancing, which increases both the size and tenure of committed facilities for Intu," said Matthew Roberts, chief financial officer of Intu Properties.
"Despite the increase in the size of the facility we have been able to reduce margins and fees such that expected on-going costs will be lower than under the previous facility.
"Intu takes relationship banking very seriously and therefore I am also very pleased that we have been able to maintain, and indeed enlarge, our core relationship banks within this, our principal corporate facility."
The new facility will be used to provide general liquidity. It expires in October 2019 with the ability to extend this by a further two years subject to certain conditions being met and approvals received.
The group operates 18 shopping centres across the UK as well as one in Spain. A further three Spanish sites are in the pipeline.
In the South West, it owns The Mall at Cribbs Causeway in a joint venture with M&G.