Intu Properties plc (“Intu”) today announced the launch of a proposed £485 million bond to refinance existing debt facilities which are due to mature in February 2015.
The bond will be secured on Intu Metrocentre, the prime super-regional shopping centre and retail park in Gateshead and the largest covered shopping and leisure centre in Europe.
The proposed transaction is to have a simple capital structure with opening loan to value ratio of c. 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.