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CSO - Capital Shopping Centres Group Plc - New GBP375m revolving credit facility CAPITAL SHOPPING CENTRES GROUP PLC (Registration number UK3685527) ISIN No.: GB0006834344 Issuer Code: CSCSCG JSE Code: CSO CAPITAL SHOPPING CENTRES GROUP PLC NEW GBP375M REVOLVING CREDIT FACILITY Capital Shopping Centres Group PLC (CSC) is pleased to announce that it has put in place a GBP375 million revolving credit facility. The new facility replaces an existing undrawn facility of GBP248 million that is due to expire in June 2013. The new facility has a minimum term of five years and an initial margin over LIBOR of 175 basis points. The new facility has been committed by 5 core relationship banks, with HSBC and Lloyds Banking Group acting as joint co-ordinators. Bank of America Merrill Lynch, HSBC and Lloyds Banking Group acted as mandated lead arrangers and book runners. Credit Suisse and UBS acted as mandated lead arrangers. Other features of the new facility include: - At Borrower Group* gearing levels above 50%, the margin over LIBOR increases to 200 basis points, and above 75% to 225 basis points - Taking margin and utilisation fees together, the new facility provides an all-in rate reduction of 25 to 50 bps compared to the previous facility - The committed five year term may be extended by up to two years at the option of the lenders - Financial covenants include an interest cover ratio of 120% and Borrower Group* borrowings to net worth ratio of 110% The new facility will be used to provide general group liquidity. Matthew Roberts, Finance Director of CSC, commented: "I am delighted that we have agreed a significantly larger facility with a strong syndicate of banks. At the same time, we have reduced our all-in rate. This is testament to the high quality of CSC`s UK regional shopping centre assets and income stream. The new facility provides us with considerable flexibility over the next five years, potentially seven, and underpins our robust financing position." * The Borrower Group excludes, at the election of Capital Shopping Centres Group PLC, certain subsidiaries with asset-specific finance ENQUIRIES: Capital Shopping Centres Group PLC: David Fischel Chief Executive +44 (0)20 7960 1207 Matthew Roberts Finance Director +44 (0)20 7960 1353 Kate Bowyer Investor Relations Manager +44 (0)20 7960 1250 Public relations: UK: Michael Sandler, Hudson Sandler +44 (0)20 7796 4133 Wendy Baker, Hudson Sandler +44 (0)20 7710 8917 SA: Nicholas Williams, College Hill +27 (0)11 447 3030 NOTES TO EDITORS: Capital Shopping Centres is the leading specialist UK regional shopping centre REIT. Capital Shopping Centres Group PLC (CSC) is the UK`s leading specialist developer, manager and owner of pre-eminent regional shopping centres. With a portfolio of 14 centres representing 16 million sq ft of retail space and a valuation of GBP6.9 billion CSC`s assets attract well over 300 million customers a year. CSC`s assets comprise five major out-of-town centres including four of the UK`s top six - Trafford Centre, Manchester; Lakeside, Thurrock; Metrocentre, Gateshead; Braehead, Glasgow and The Mall at Cribbs Causeway, Bristol - and nine in-town centres including centres in prime destinations such as Cardiff, Manchester, Newcastle, Norwich and Nottingham. With a dedicated and skilled management team CSC aims to be the landlord of choice for retailers and to provide compelling destinations for shoppers. It is a responsible and environmentally conscious participant in the communities where it invests. In April 2011 CSC was recognised as the UK`s Top Shopping Centre Investment Manager in Going Shopping 2011 -- The Definitive Guide to Shopping Centres published by Trevor Wood Associates. For further information see www.capital-shopping-centres.co.uk 21 November 2011 Sponsor Merrill Lynch SA (Pty) Limited Date: 21/11/2011 09:00:02 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.
