LONDON (Alliance News) - Intu Properties PLC on Friday said it has secured a new corporate GBP600 million revolving credit faciltiy which replaces its existing deal.
FTSE 100 property company Intu said the new deal replaces it existing GBP375 million facility, due to expire in November 2018.
The new deal has been provided by seven banks, including all current providers of the existing facility. This includes Bank of America Merrill Lynch, Credit Suisse Suisse Group AG, HSBC Holdings PLC, Lloyds Banking Group PLC and UBS AG. Barclays PLC and The Royal Bank of Scotland Group PLC have also joined the deal.
The margin on the deal deal has reduced by 25-50 basis points compared to the existing facility, with an initial margin of 140 basis points over Libor. With the lower margin and a lower commitment fee, the new facility will have a lower all-in cost based on expected utilisation levels, Intu said.
"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," said Intu Chief Financial Officer Matthew Roberts.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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