Intu Properties Plc launches GBP800m bond

Posted On Sunday, 10 March 2013 19:28 Published by eProp@News
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Intu Properties plc announces a GBP800m debut bond issue for Intu Finance plc‚ the company’s new secured group structure.

Intu Properties plc (ITU) on Friday announced a GBP800m debut bond issue for Intu (SGS) Finance plc‚ the company’s new secured group structure. Intu Properties - formerly Capital Shopping Centres Group PLC- owns and operates ten of the UK’s top 25 shopping centres.

The issue is divided into two tranches of GBP450m 3.875% coupon yield bonds due 2023 and GBP350m 4.625% coupon yield bonds due 2028‚ priced at spreads of 210 basis points (bps) and 205 bps respectively over the relevant reference UK government bonds. 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 GBP1.15bn refinancing of intu Lakeside‚ intu Braehead‚ intu Watford and intu Victoria Centre announced last month.

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 some 4.4% per annum.

Last modified on Sunday, 10 March 2013 20:11

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