Intu secures conditional credit facility extension

Intu has agreed terms for an amendment and extension of its revolving credit facility to 2024, as long as it can raise £1.3bn equity. The revised £440m, four-year facility is conditional on intu raising the equity, and will replace intu’s existing £600m RCF that is due to expire in October 2021. It will be provided by all seven of the existing banks who participate in intu’s current RCF: Bank of America, Barclays, Credit Suisse, HSBC, Lloyds, Natwest, and UBS. The landlord is working with its corporate brokers, BofA Securities and UBS, and its financial adviser Rothschild, on the proposed equity raise. It will update the market on 5 March. 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.” To send feedback, e-mail pui-guan.man@egi.co.uk or tweet @PuiGuanM or @estatesgazette