Intu announces margin reduction and extension to term loan

23 Jun 2015

Intu Properties, formerly named Capital Shopping Centres, announced on Monday a margin reduction and extension to the £352 million term loan within its secured group structure...

Matthew Roberts, Chief Financial Officer of Intu

Following negotiations with lenders, the margin on the term loan, which is linked to the different tier levels within the secured group structure, had 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% (December 2014: 4.7%).

Matthew Roberts, chief financial officer of Intu, said the group had worked closely with its 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," Roberts said.

The secured group structure was established in March 2013 as a central source of funding for Intu.

Source: INET BFA

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