INTU PROPERTIES PLC - Intu Announces Amendment and Extension of Secured Group Structure Term Loan

Intu Announces Amendment and Extension of Secured Group Structure Term Loan

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


INTU ANNOUNCES AMENDMENT AND EXTENSION OF SECURED GROUP
STRUCTURE TERM LOAN

Intu Properties plc announces a margin reduction and extension to the £352 million term
loan within its Secured Group Structure (“SGS”). Following negotiations with lenders, the
margin on the term loan, which is linked to the different tier levels within the SGS, has
reduced by between 125 and 150 basis points compared to the existing facility. The maturity
date has also been extended by two years to March 2020, with a further two one year
extensions at the lenders’ discretion. This will reduce the Group’s weighted average cost of
gross debt to 4.5 per cent (December 2014: 4.7 per cent).

The SGS structure was established in March 2013 as a central source of funding for Intu. At
that time four centres with a value of £2,300 million, being intu Lakeside, intu Watford, intu
Victoria Centre and intu Braehead, were contributed in to the structure and £1,152 million
was raised in the form of secured bonds and term loans. In November 2014, a further two
centres, intu Derby and intu Chapelfield, were transferred in to the SGS and an additional
£350 million of bonds issued, taking the outstanding debt to £1,502 million against a total
asset value at that time of £3,146 million.


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. We are pleased to have been able to secure these revised terms and I am very
grateful for their on-going support of Intu.”


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

Public relations
UK:                     Justin Griffiths, Powerscourt                              +44 (0)20 7250 1446
SA:                     Frédéric Cornet, Instinctif Partners                       +27 (0)11 447 3030


Sponsor:
Merrill Lynch South Africa (Pty) Limited


NOTES FOR EDITORS
Intu is the leading owner and manager of prime regional shopping centres in the UK.


A FTSE 100 company, Intu owns and operates many of the UK’s biggest and most popular retail and leisure
destinations, including nine of the top 20, incorporating super-regional centres such as intu Trafford Centre, intu
Lakeside and intu Metrocentre, together with a number of city centre locations from Watford to Newcastle.

With over 23 million sq. ft. of space hosting top UK and international retailers from Apple to Zara, Intu centres
attract some 400 million customer visits from over half of the UK’s population every year.


Intu has a UK investment pipeline of £1.3 billion over the next ten years to add 2.6 million sq. ft. of new retail and
leisure space, of which 2 million sq. ft. is already consented. Major projects due to be underway soon include the
extension and refurbishment at intu Watford and the leisure expansion at intu Lakeside.


Intu also has a growing presence in the Spanish market, owning two of Spain’s top 10 centres: intu Asturias in
Oviedo, and Puerto Venecia in Zaragoza, a development site in Malaga with options on a further three sites in
Valencia, Palma and Vigo.


intu creates a compelling experience for its customers, both on and offline, delivering on its brand promise to
provide the most digitally connected shopping centres, world-class service and events with a difference. National
initiatives include the annual ‘Everyone’s Invited’ event which in 2014 increased footfall that weekend by an
average of 13%. Our objective is for customers to come more often and stay for longer, in turn helping intu’s
retailers to flourish.


With some 115,000 people employed at Intu’s centres in the UK, representing some 4% of the UK’s total retail
workforce, Intu is fully committed to supporting its local communities and the wider environment and is proud to
have received widespread recognition for its Corporate Responsibility achievements, including the coveted BitC
CommunityMark.


For further information see www.intugroup.co.uk

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