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INTU Announces Launch and Pricing of £800m Bond Transaction
INTU PROPERTIES PLC
(Registration number UK3685527)
ISIN Code: GB0006834344
JSE Code: ITU
INTU PROPERTIES PLC
7 MARCH 2013
INTU ANNOUNCES LAUNCH AND PRICING OF £800 MILLION BOND TRANSACTION
Intu Properties plc today announces a £800 million debut bond issue for Intu (SGS) Finance plc, the company’s new secured
group structure. The issue is divided into two tranches of £450 million 3.875 per cent bonds due 2023 and £350 million 4.625
per cent bonds due 2028, priced at spreads of 210 bps and 205 bps respectively over the relevant reference gilts.
The notes will be rated A(sf) by Standard & Poor’s. Bank of America Merrill Lynch, HSBC and UBS Investment Bank acted as
joint bookrunners. Rothschild provided independent debt advice to Intu.
The bond transaction forms the major part of the overall £1,150 million refinancing of intu Lakeside, intu Braehead, intu Watford
and intu Victoria Centre announced on 27 February 2013. The remainder of the debt is provided by a five year term loan with the
strong demand for the bond transaction removing the need for a bridge facility component. In aggregate and including
amortisation of fees, the estimated blended cost of borrowing of the new structure is circa 4.4 per cent per annum.
Matthew Roberts, Finance Director of Intu Properties plc, commented
“I am pleased to announce the terms of this successful bond transaction, which is the inaugural
issue for our new debt funding platform. I am delighted with the level of demand shown for this ‘A’
rated debt secured on four of Intu’s prime shopping centres. This issue diversifies our sources of
funding beyond the banking markets and significantly extends our debt maturity profile. I am
confident that the new debt platform will provide flexible and ready access to debt markets on an
ongoing basis, enabling issue of a range of instruments at competitive margins.”
Enquiries:
Intu Properties plc
Matthew Roberts Finance Director +44 (0)20 7960 1353
Kate Bowyer Head of Investor Relations +44 (0)20 7960 1250
Public relations
UK: Michael Sandler/Wendy Baker, Hudson Sandler +44 (0)20 7796 4133
SA: Nick Williams/Vanessa Hillary, College Hill +27 (0)11 447 3030
A copy of this announcement is available for download from our website www.intugroup.co.uk.
NOTES TO EDITORS
Intu Properties plc (formerly Capital Shopping Centres Group PLC) owns and operates some of the very best
shopping centres, in the strongest locations right across the country, including ten of the UK’s top 25. You can find
every one of the UK’s top 20 retailers in our shopping centres, alongside some of the world’s most iconic global
brands.
With 16.6 million sq ft of retail space, valued at £7 billion, our centres attract over 320 million customer visits a year
and two thirds of the UK population live within a 45 minute drive time of one of our centres.
At the forefront of UK shopping centre evolution since the 1970s our focus is on creating compelling destinations for
consumers, with added theatre.
On 15 January this year, we announced the creation of a nationwide consumer facing shopping centre brand - intu -
and the transformation of our digital proposition including a transactional website, to provide the UK’s leading
shopping centre experience on and off-line.
We have an investment plan of £1 billion over the next ten years on active management projects and major
extensions of existing assets involving most of our centres.
Over 80,000 people are employed at our centres across the UK and we are fully committed to supporting our local
communities and the wider environment through meaningful and hands-on initiatives.
We changed our name from Capital Shopping Centres Group PLC to Intu Properties plc on 18 February 2013.
This announcement contains “forward-looking statements” regarding the belief or current expectations of Intu Properties plc, its Directors and
other members of its senior management about Intu Properties plc’s businesses, financial performance and results of operations. These
forward-looking statements are not guarantees of future performance. Rather, they are based on current views and assumptions and involve
known and unknown risks, uncertainties and other factors, many of which are outside the control of Intu Properties plc and are difficult to predict,
that may cause actual results, performance or developments to differ materially from any future results, performance or developments expressed
or implied by the forward-looking statements. These forward-looking statements speak only as at the date of this announcement. Except as
required by applicable law, Intu Properties plc makes no representation or warranty in relation to them and expressly disclaims any obligation to
update or revise any forward-looking statements contained herein to reflect any change in Intu Properties plc’s expectations with regard thereto
or any change in events, conditions or circumstances on which any such statement is based.
Any information contained in this announcement on the price at which shares or other securities in Intu Properties plc have been bought or sold
in the past, or on the yield on such shares or other securities, should not be relied upon as a guide to future performance.
This announcement is for information purposes only and shall not constitute an offer to buy, sell, issue, or acquire, or the solicitation of an offer to
buy, sell, issue, or acquire any securities in any jurisdiction, nor shall there be any sale of securities in any jurisdiction, in which such offer,
solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. In particular, this
announcement does not constitute or form part of any offer to issue or sell, or the solicitation of an offer to acquire, purchase or subscribe for,
any securities in the United States, Australia, Canada or Japan.
This document may not be distributed, directly or indirectly, in or into the United States (including its territories and possessions, any state of the
United States and the District of Columbia). Any failure to comply with the above restrictions may constitute a violation of U.S. securities laws.
The distribution of this document in other jurisdictions may be restricted by law, and persons into whose possession this document comes should
inform themselves about, and observe, any such restrictions.
The securities mentioned herein have not been and will not be registered under the US Securities Act of 1933, as amended (the "US Securities
Act"), or under any securities laws of any State or other jurisdiction of the United States and may not be offered, sold, resold, transferred or
delivered, directly or indirectly, within the United States absent registration or pursuant to an applicable exemption from the registration
requirements of the US Securities Act and in compliance with the securities laws of any State or other jurisdiction of the United States. There will
be no public offer of the securities mentioned herein in the United States. This Announcement may not be released, published or distributed,
directly or indirectly, in whole or in part, in or into the United States.
This document is only addressed to and is only directed at persons in member states of the European Economic Area (the "EEA") who are
"qualified investors" within the meaning of Article 2(1)(e) of the Prospectus Directive (Directive 2003/71/EC and amendments thereto, including
Directive 2010/73/EU, to the extent implemented in the relevant member state of the EEA) and any implementing measure in each relevant
member state of the EEA ("Qualified Investors"). This document is only being directed to and is only directed at (a) persons who have
professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005 (the "Order"), as amended; (b) members or creditors of a corporate body within the meaning of Article 43 of the Order; (c)
those persons who are high net worth entities falling within Article 49(2)(a) to (d) of the Order; or (d) those persons to whom it can otherwise
lawfully be distributed (each, a "Relevant Person").
Any investment or investment activity to which this communication relates is available only to (i) in the United Kingdom, Relevant Persons; and
(ii) in any other member state of the EEA, Qualified Investors, and will be engaged in only with such persons. This document must not be acted
or relied upon (a) in the United Kingdom, by persons who are not Relevant Persons; and (b) in any member state of the EEA, by persons who
are not Qualified Investors. Solicitations resulting from this document will only be responded to if the person concerned is, (i) in the United
Kingdom, a Relevant Person; or (ii) in any other member state of the EEA, a Qualified Investor.
Sponsor
Merrill Lynch South Africa (Pty) Ltd
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