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Intu Properties in bond issue

March 11 2013 at 08:00am
By Roy Cokayne

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Intu Properties, the listed property firm previously known as the Capital Shopping Centres Group, announced an £800 million (R10.8 billion) debut bond issue on Friday for Intu (SGS) Finance, its new secured group structure. The issue is divided into two tranches of £450m of 3.875 percent bonds due in 2023 and £350m of 4.625 percent bonds due in 2028. The issue forms the major part of the overall £1.15bn refinancing of intu Lakeside, intu Braehead, intu Watford and intu Victoria Centre announced last month. The rest of the debt is provided by a five-year term loan. Intu Properties finance director Matthew Roberts said the issue diversified the firm’s sources of funding beyond the banking markets and significantly extended its debt maturity profile. – Roy Cokayne


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