26 Feb 2020 11:30
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN OR IN ANY OTHER JURISDICTION WHERE, OR TO ANY PERSON TO WHOM, TO DO SO WOULD CONSTITUTE A VIOLATION OF APPLICABLE LAW OR REGULATION
LEI: 213800JSNTERD5CJZO95
INTU PROPERTIES PLC ('INTU')
26 FEBRUARY 2020
INTU ANNOUNCES AMENDMENT AND EXTENSION OF REVOLVING CREDIT FACILITY
intu is pleased to announce that it has agreed terms for an amendment and extension of its revolving credit facility ('RCF') to 2024. The revised four-year, £440 million RCF is conditional on intu raising a minimum of £1.3 billion of equity and will replace intu's existing £600 million RCF that is due to expire in October 2021.
The revised RCF will be provided by all seven of the existing banks who participate in intu's current RCF, being Bank of America, Barclays, Credit Suisse, HSBC, Lloyds, Natwest and UBS.
The Company is working with its corporate brokers, BofA Securities and UBS, and its financial adviser, Rothschild & Co, on the intended equity raise and intends to update the market in this regard at the time of release of its Annual Results for the year ended 31 December 2019, on 5 March 2020.
Matthew Roberts, chief executive of intu, commented:
"This extension of our RCF is a key milestone in addressing our near-term refinancing needs. It also underlines the continued support we have from our relationship banks. This revised RCF will extend the maturity profile and be used to provide general liquidity for intu.
Fixing the balance sheet remains our number one priority and we remain engaged with shareholders and potential new investors in relation to the intended equity raise."
ENQUIRIES
intu properties plc
Matthew Roberts Chief Executive +44 (0)20 7960 1353
Robert Allen Chief Financial Officer +44 (0)20 7960 1360
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
These materials are not for distribution, 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), Australia, Canada or Japan. These materials do not constitute or form a part of any offer to sell or issue, or any solicitation of an offer to purchase or subscribe for, or otherwise invest in, securities in the United States, Australia, Canada or Japan or in any other jurisdiction in which, or to any person to whom, such an offer or solicitation would be unlawful. Any securities offered in connection with the proposed equity raise referred to herein (the "Shares") have not been, and will not be, registered under the United States Securities Act of 1933 (the "Securities Act").
The Shares may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There will be no public offer of securities in the United States.
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This communication does not constitute, advertise, invite or relate to an offer to the public (as defined in the South African Companies Act No. 71 of 2008 ("South African Companies Act")) for the sale of or subscription for, or the invitation or solicitation of an offer to buy or subscribe for, securities. In South Africa this communication will not be distributed to any person in any manner which could be construed as an offer to the public in terms of the South African Companies Act and is only directed at financial institutions and other persons who are referred to in section 96(1)(a) of the South African Companies Act; single persons acting as principals who acquire securities for an aggregate price of at least R1 million in accordance with section 96(1)(b) of the South African Companies Act; and existing holders of the Company's securities in accordance with section 96(1)(d) of the South African Companies Act. This document does not, nor is it intended to, constitute a "registered prospectus" as contemplated in Chapter 4 of the South African Companies Act. Nothing in this document should be viewed, or construed, as "advice" as that term is used in the Financial Markets Act No. 19 of 2012 ("FMA") and/or the South African Financial Advisory and Intermediary Services Act No. 37 of 2002 ("FAIS") nor should it be construed as constituting the canvassing for, or marketing or advertising of financial services in South Africa as contemplated in FAIS.
This communication is distributed in any member state of the European Economic Area under Regulation (EU) 2017/1129 (the "Prospectus Regulation") only to those persons who are qualified investors for the purposes of the Prospectus Regulation in such member state, and such other persons as this document may be addressed on legal grounds, and no person that is not a relevant person or qualified investor may act or rely on this document or any of its contents.
Merrill Lynch International ("BofA Securities"), which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, is acting as corporate broker to intu and no one else in connection with the matters set out in this announcement. In connection with such matters, BofA Securities, its affiliates, and its or their respective directors, officers, employees and agents will not regard any other person as its client, nor will it be responsible to any other person for providing the protections afforded to its clients or for providing advice in relation to the contents of this announcement or any other matter referred to herein.
UBS AG London Branch ("UBS") is authorised and regulated by the Financial Market Supervisory Authority in Switzerland. It is authorised by the Prudential Regulation Authority and subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority in the United Kingdom. UBS is acting as corporate broker to intu and no one else in connection with the matters set out in this announcement. In connection with such matters, UBS, its affiliates, and its or their respective directors, officers, employees and agents will not regard any other person as its client, nor will it be responsible to any other person for providing the protections afforded to its clients or for providing advice in relation to the contents of this announcement or any other matter referred to herein.
N.M. Rothschild & Sons Limited ("Rothschild & Co"), which is authorised and regulated by the Financial Conduct Authority in the United Kingdom, is acting as financial adviser to intu and for no one else in connection with the matters set out in this announcement. In connection with such matters, Rothschild & Co, its affiliates, and its or their respective directors, officers, employees and agents will not regard any other person as its client, nor will it be responsible to any other person for providing the protections afforded to its clients or for providing advice in relation to the contents of this announcement or any other matter referred to herein.