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INTU PROPERTIES PLC - Intu Announces Signing of New 600m Revolving Credit Facility

Release Date: 31/10/2014 09:00
Code(s): ITU     PDF:  
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Intu Announces Signing of New  £600m Revolving Credit Facility

INTU PROPERTIES PLC
(Registration number UK3685527)
ISIN Code: GB0006834344
JSE Code:      ITU


31 OCTOBER 2014

INTU PROPERTIES PLC

INTU ANNOUNCES SIGNING OF NEW £600M REVOLVING CREDIT FACILITY

Intu Properties plc (“Intu”) is pleased to announce that it has put in place a new corporate
£600 million revolving credit facility (“New RCF”). The New RCF replaces the existing £375
million facility that was due to expire in November 2018.
 
The New RCF has been provided by seven banks including all the providers of the current
facility being Bank of America Merrill Lynch, Credit Suisse, HSBC, Lloyds Banking Group and
UBS with Barclays and the Royal Bank of Scotland now joining.

The New RCF facility has a minimum term of five years out to October 2019 with the ability to
extend this by a further two years subject to certain conditions being met and approvals
received.

The margin on the New RCF, which is linked to different gearing levels, has reduced by
between 25 and 50 basis points compared to the existing facility and has an initial margin of
140 basis points over LIBOR. Taking into account the lower margin, and a lower commitment
fee which has been agreed, the new facility will have a lower all-in cost based on expected
utilisation levels despite the larger facility size.

The new facility will be used to provide general liquidity for Intu.

Matthew Roberts, Chief Financial Officer of Intu Properties plc, commented:
 
“I am very pleased with this successful refinancing, which increases both the size and tenure
of committed facilities for Intu. Despite the increase in the size of the facility we have been
able to reduce margins and fees such that expected on-going costs will be lower than under
the previous facility. Intu takes relationship banking very seriously and therefore I am also
very pleased that we have been able to maintain, and indeed enlarge, our core relationship
banks within this, our principal corporate facility.”

Enquiries:

Intu Properties plc
Matthew Roberts           Chief Financial Officer                                                          +44 (0)20 7960 1353
Adrian Croft              Head of Investor Relations                                                       +44 (0)20 7960 1212

Public relations
UK:                       Michael Sandler/Wendy Baker, Hudson Sandler                                      +44 (0)20 7796 4133
SA:                       Frédéric Cornet, Instinctif Partners                                              +27 (0)11 447 3030

NOTES FOR EDITORS


Intu owns and operates many of the very best shopping centres, in many of the strongest locations right across the country,
including nine of the UK’s top 20. You can find the UK’s top retailers in our shopping centres, alongside some of the world’s
most iconic global brands.
With over 21 million sq ft of retail space, our centres attract over 400 million customer visits a year and more than half of the
UK population visit one of our centres each year.
At the forefront of UK shopping centre evolution since the 1970s, our focus is on creating compelling destinations for
customers with added theatre.
Our nationwide consumer facing shopping centre brand - intu - is transforming our customer experience and digital
proposition, including a transactional website with a view to providing the UK’s leading shopping centre experience both on
and off-line at 15 centres
We have an investment plan of £1.2 billion over the next ten years with projects at most of our centres.
Almost 100,000 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.
For further information see www.intugroup.co.uk


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.




31 October 2014

Sponsor:
Merrill Lynch South Africa (Pty) Ltd

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