Struggling shopping centre owner Intu has secured an extension to its credit facility with its lenders, on the condition that it can raise £1.3bn of equity.
The landlord’s new four-year £440m revolving credit facility, to be provided by all seven of its existing banks, will replace its £660m facility which expires in October 2021.
Its seven banks comprise: Bank of America, Barclays, Credit Suisse, HSBC, Lloyds, Natwest and UBS.
Matthew Roberts, chief executive of Intu, said: ”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.”