Trafford centre owner agrees £600m refinance

TRAFFORD Centre owner Intu Properties has agreed a £600m revolving credit facility with a syndicate of banks.

The finance replaces a £375m facility that was due to expire in November 2018.

Seven banks are involved including all the providers of the current facility – Bank of America Merrill Lynch, Credit Suisse, HSBC, Lloyds Banking Group and UBS – plus, Barclays and the Royal Bank of Scotland.

It has a minimum term of five years with an option to extend by two. Intu said it will use the money to provide “general liquidity”.

Chief financial officer Matthew Roberts said: “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. Intu takes relationship banking very seriously and therefore I am also very pleased that we have been able to maintain, and indeed enlarge, our core relationship banks.”

Intu, formerly Capital Shopping Centres, also owns half of the Arndale in Manchester and 16 other retail centres.

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