intu secures credit extension

Lenders agree to £440m overdraft

Intu has agreed to an extension on its credit facility with its lenders on the condition that it can raise a total of £1.3bn equity.

The shopping centre owner’s new £440m revolving credit facility (RCF) will be provided by all seven of its existing banks. The seven banks are: Bank of America, Barclays, Credit Suisse, HSBC, Lloyds, Natwest and UBS.

The revised four-year RCF is conditional on intu raising a minimum of £1.3bn of equity and will replace intu’s existing £600 million RCF that is due to expire in October 2021.

Matthew Roberts, Intu’s chief executive, said: “This extension of our RCF is a key milestone in addressing our near-term refinancing needs. It also underlines the continued support we have from our relationship banks. This revised RCF will extend the maturity profile and be used to provide general liquidity for intu.

“Fixing the balance sheet remains our number one priority and we remain engaged with shareholders and potential new investors in relation to the intended equity raise.”

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