London-listed shopping centre group Intu Properties has announced the launch of a £485 mln (€577 mln) bond issue to refinance existing debt facilities.
London-listed shopping centre group Intu Properties has announced the launch of a £485 mln (€577 mln) bond issue to refinance existing debt facilities.
The debt facilities are due to mature in February 2015.
The bond will be secured on Intu Metrocentre, the 194,400 m2 super-regional shopping centre and retail park in Gateshead, near Newcastle upon Tyne in the UK. Intu describes Metrocentre as the largest covered shopping and leisure centre in Europe.
The proposed transaction is to have a simple capital structure with an opening loan-to-value ratio of 55% and is expected to obtain an investment grade rating.
HSBC and Lloyds Bank will be acting as joint bookrunners on the proposed bond issue and Rothschild is providing independent debt advice to The Metrocentre Partnership. The bond is expected to be listed on the Irish Stock Exchange.
