Intu Properties : Announces Signing of New £600m RCF

31 OCTOBER 2014

INTU PROPERTIES PLC

Intu announces signing of new £600m revolving credit facility 

Intu Properties plc ("Intu") is pleased to announce that it has put in place a new corporate £600 million revolving credit facility ("New RCF"). The New RCF replaces the existing £375 million facility that was due to expire in November 2018.

The New RCF has been provided by seven banks including all the providers of the current facility being Bank of America Merrill Lynch, Credit Suisse, HSBC, Lloyds Banking Group and UBS with Barclays and the Royal Bank of Scotland now joining.

The New RCF facility has a minimum term of five years out to October 2019 with the ability to extend this by a further two years subject to certain conditions being met and approvals received.

The margin on the New RCF, which is linked to different gearing levels, has reduced by between 25 and 50 basis points compared to the existing facility and has an initial margin of 140 basis points over LIBOR. Taking into account the lower margin, and a lower commitment fee which has been agreed, the new facility will have a lower all-in cost based on expected utilisation levels despite the larger facility size.

The new facility will be used to provide general liquidity for Intu.

Matthew Roberts, Chief Financial Officer of Intu Properties plc, commented:

"I am very pleased with this successful refinancing, which increases both the size and tenure of committed facilities for Intu. 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 within this, our principal corporate facility."

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NOTES FOR EDITORS

This announcement contains "forward-looking statements" regarding the belief or current expectations of Intu Properties plc, its Directors and other members of its senior management about Intu Properties plc's businesses, financial performance and results of operations.

These forward-looking statements are not guarantees of future performance. Rather, they are based on current views and assumptions and involve known and unknown risks, uncertainties and other factors, many of which are outside the control of Intu Properties plc and are difficult to predict, that may cause actual results, performance or developments to differ materially from any future results, performance or developments expressed or implied by the forward-looking statements. These forward-looking statements speak only as at the date of this announcement. Except as required by applicable law, Intu Properties plc makes no representation or warranty in relation to them and expressly disclaims any obligation to update or revise any forward-looking statements contained herein to reflect any change in Intu Properties plc's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

Any information contained in this announcement on the price at which shares or other securities in Intu Properties plc have been bought or sold in the past, or on the yield on such shares or other securities, should not be relied upon as a guide to future performance.

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