Intu Properties Plc Amendment and Extension of Puerto Venecia Term Loan
April 06 2018 - 6:00AM
UK Regulatory
TIDMINTU
6 APRIL 2018
INTU PROPERTIES PLC
LEI: 213800JSNTERD5CJZO95
Regulated Information Classification: Additional regulated information required
to be disclosed under the laws of a Member State of the EU.
AMENDMENT AND EXTENSION OF PUERTO VENECIA TERM LOAN
intu properties plc ('intu') announces an amendment and extension to the EUR225
million term loan secured on Puerto Venecia shopping centre in Zaragoza, Spain.
The centre is jointly owned with Canada Pension Plan Investment Board.
Following negotiations with lenders, the margin on the loan has been reduced by
120 basis points compared to the existing facility and the maturity date has
been extended from 2019 to 2025. The loan will be hedged for its full value and
tenor.
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 and we are pleased to have been able to secure these
revised terms. This is a further example of the refinancing work we have been
doing over the last few years at intu to reduce our weighted average cost of
debt and increase the debt maturity profile."
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
NOTES FOR EDITORS
intu owns and manages some of the best shopping centres, in some of the
strongest locations, in the UK and Spain.
Our UK portfolio is made up of 17 centres, including eight of the top 20, and
in Spain we own three of the country's top 10 centres, with advanced plans to
build a fourth.
We are passionate about creating compelling experiences, in centre and online,
that make our customers smile and help our retailers flourish.
We attract over 400 million customer visits and 26 million website visits a
year offering a multichannel approach that truly supports retail strategies. In
2017, we launched the UK's first tailor-made promotional services model to help
brands as they look to optimise their portfolio or expand their UK coverage.
Our strategic focus on prime, high-footfall flagship destinations, combined
with the strength and popularity of our brand, means that intu offers enhanced
footfall, dwell time and loyalty. This helps our retailers flourish, driving
occupancy and income growth.
We are committed to our local communities, with our centres supporting over
120,000 jobs (representing about 3 per cent of the total UK retail workforce),
and to operating with environmental responsibility. We have already met or
exceeded a significant number of our 2020 environmental targets.
END
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