Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We use cookies to personalise your experience; learn more in our Privacy and Cookie Policy. You can opt out of some cookies by adjusting your browser settings; see the cookie policy for details. By using this site, you agree to our use of cookies.

Intu secures credit extension

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.”

Tags

Readers' comments (1)

  • Tough for Intu as they have to manage their expectations due to the change of shopping habits.

    Unsuitable or offensive? Report this comment

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.