| Fri 22 Jan 2010, 16:31 | | LBT - Liberty International Plc - Capital Shopping Centres` GBP525m refinancing |
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LBT
LILII
LBT - Liberty International Plc - Capital Shopping Centres` GBP525m refinancing
of Lakeside Shopping Centre, Thurrock
LIBERTY INTERNATIONAL PLC
(Registration number UK3685527)
ISIN Code: GB0006834344
JSE Code: LBT
Issuer Code: LILI
Capital Shopping Centres` GBP525m refinancing of Lakeside Shopping Centre,
Thurrock
A consortium of 7 banks has advanced a new 7 year, GBP525m loan facility to
refinance the Lakeside Shopping Centre, Thurrock. Lakeside is owned and managed
by Capital Shopping Centres, the leading UK prime regional shopping centre
owner, manager and developer owned by Liberty International PLC. Opened in
1990, Lakeside is one of the UK`s leading regional shopping centres providing
1.43m sq. ft. of retail floorspace.
The proceeds of the loan are being used together with the group`s cash resources
to redeem in full the current total outstanding loans of GBP545.8m secured on
Lakeside otherwise repayable in July 2011, including the redemption at par of
the GBP445.8m of associated CMBS notes.
The existing loan has a current funding cost of about 5.5%. The hedging
arrangements of the new loan require progressively greater levels of interest
rate protection over time. Based on the current yield curve, Capital Shopping
Centres should see some interest savings during the initial years of the new
loan.
The funding was arranged by WestImmo and Eurohypo and the lenders are DekaBank,
Eurohypo, Helaba, Lloyds, Pfandbriefbank, Santander and WestImmo. Eurohypo is
facility agent and WestImmo was documentation agent.
The borrower was advised by Linklaters LLP and the lenders by Allen & Overy.
Liberty International`s Finance Director, Ian Durant, commented "Liberty
International is pleased to have agreed a significant long term bank financing
and this speaks well of the quality of Lakeside and the strong support that the
group enjoys from its banking relationships. This 7 year loan substantially
improves the group`s overall debt maturity profile and refinances one of the
group`s largest debt maturities, leaving 2015 as the next significant date for
repayment of CMBS related debt."
Enquiries:
Liberty International PLC
Ian Durant Finance Director +44 (0)20 7960 1210
Kate Bowyer Investor Relations +44 (0)20 7960 1250
Public relations:
UK: Michael Sandler, Hudson +44 (0)20 7796 4133
Sandler
SA: Nicholas Williams, +27 (0)11 447 3030
College Hill Associates
22 January 2010
Sponsor
Merrill Lynch South Africa (Pty) Limited
This announcement includes statements that are forward-looking in nature.
Forward-looking statements involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or achievements of
Liberty International PLC to be materially different from any future results,
performance or achievements expressed or implied by such forward-looking
statements. Any information contained in this announcement on the price at which
shares or other securities in Liberty International 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.
NOTE FOR EDITORS: BACKGROUND ON LIBERTY INTERNATIONAL
LIBERTY INTERNATIONAL PLC is one of the UK`s largest listed property companies
and a constituent of the FTSE-100 Index of the UK`s leading listed companies.
Liberty International converted into a UK Real Estate Investment Trust (REIT) on
1 January 2007.
Liberty International owns 100 per cent of Capital Shopping Centres ("CSC"), the
premier UK regional shopping centre business, and of Capital & Counties, a
retail and commercial property investment and development company.
At 30 June 2009, Liberty International owned GBP6.1 billion of properties of
which UK regional shopping centres comprised 73 per cent and retail property in
aggregate 86 per cent. Adjusted, diluted shareholders` funds amounted to GBP2.6
billion.
CAPITAL SHOPPING CENTRES has interests in 14 UK regional shopping centres
amounting to some 13 million sq.ft. in aggregate including 9 of the UK`s top 30
regional shopping centres with a market value of GBP4.4 billion at 30 June 2009.
CSC`s largest centres are Lakeside, Thurrock; MetroCentre, Gateshead;
Braehead, Glasgow; The Harlequin, Watford; and Arndale, Manchester. CSC has a
50 per cent share in the extension of St David`s, Cardiff, which opened in
October 2009.
LAKESIDE, THURROCK, which opened in 1990, was one of the first out-of-town
regional shopping centres in the south of England and, together with the
adjoining retail parks, is at the centre of Europe`s largest aggregation of
retail floor space. Lakeside is located on the eastern perimeter of London`s M25
orbital motorway and offers approximately 1.4 million sq. ft. of retail and
leisure space. It has a catchment area of over 11 million people within 70
minutes` drive time. Lakeside is one of the country`s top shopping centre
destinations, with over 250 shops, including four large anchor stores, a nine-
screen multiplex cinema, a range of restaurants and cafes and parking space for
13,000 cars.
Date: 22/01/2010 16:31:24 Produced by the JSE SENS Department.
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