| Mon 21 Nov 2011, 9:00 | | CSO - Capital Shopping Centres Group Plc - New GBP375m revolving credit facility |
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CSO
CSO
CSO - Capital Shopping Centres Group Plc - New GBP375m revolving credit facility
CAPITAL SHOPPING CENTRES GROUP PLC
(Registration number UK3685527)
ISIN No.: GB0006834344
Issuer Code: CSCSCG
JSE Code: CSO
CAPITAL SHOPPING CENTRES GROUP PLC
NEW GBP375M REVOLVING CREDIT FACILITY
Capital Shopping Centres Group PLC (CSC) is pleased to announce that it has put
in place a GBP375 million revolving credit facility. The new facility replaces
an existing undrawn facility of GBP248 million that is due to expire in June
2013.
The new facility has a minimum term of five years and an initial margin over
LIBOR of 175 basis points.
The new facility has been committed by 5 core relationship banks, with HSBC and
Lloyds Banking Group acting as joint co-ordinators. Bank of America Merrill
Lynch, HSBC and Lloyds Banking Group acted as mandated lead arrangers and book
runners. Credit Suisse and UBS acted as mandated lead arrangers.
Other features of the new facility include:
- At Borrower Group* gearing levels above 50%, the margin over LIBOR
increases to 200 basis points, and above 75% to 225 basis points
- Taking margin and utilisation fees together, the new facility provides an
all-in rate reduction of 25 to 50 bps compared to the previous facility
- The committed five year term may be extended by up to two years at the
option of the lenders
- Financial covenants include an interest cover ratio of 120% and Borrower
Group* borrowings to net worth ratio of 110%
The new facility will be used to provide general group liquidity.
Matthew Roberts, Finance Director of CSC, commented:
"I am delighted that we have agreed a significantly larger facility with a
strong syndicate of banks. At the same time, we have reduced our all-in rate.
This is testament to the high quality of CSC`s UK regional shopping centre
assets and income stream. The new facility provides us with considerable
flexibility over the next five years, potentially seven, and underpins our
robust financing position."
* The Borrower Group excludes, at the election of Capital Shopping Centres Group
PLC, certain subsidiaries with asset-specific finance
ENQUIRIES:
Capital Shopping Centres Group PLC:
David Fischel Chief Executive +44 (0)20 7960 1207
Matthew Roberts Finance Director +44 (0)20 7960 1353
Kate Bowyer Investor Relations Manager +44 (0)20 7960 1250
Public relations:
UK: Michael Sandler, Hudson Sandler +44 (0)20 7796 4133
Wendy Baker, Hudson Sandler +44 (0)20 7710 8917
SA: Nicholas Williams, College Hill +27 (0)11 447 3030
NOTES TO EDITORS:
Capital Shopping Centres is the leading specialist UK regional shopping centre
REIT.
Capital Shopping Centres Group PLC (CSC) is the UK`s leading specialist
developer, manager and owner of pre-eminent regional shopping centres. With a
portfolio of 14 centres representing 16 million sq ft of retail space and a
valuation of GBP6.9 billion CSC`s assets attract well over 300 million customers
a year.
CSC`s assets comprise five major out-of-town centres including four of the UK`s
top six - Trafford Centre, Manchester; Lakeside, Thurrock; Metrocentre,
Gateshead; Braehead, Glasgow and The Mall at Cribbs Causeway, Bristol - and nine
in-town centres including centres in prime destinations such as Cardiff,
Manchester, Newcastle, Norwich and Nottingham.
With a dedicated and skilled management team CSC aims to be the landlord of
choice for retailers and to provide compelling destinations for shoppers. It is
a responsible and environmentally conscious participant in the communities where
it invests.
In April 2011 CSC was recognised as the UK`s Top Shopping Centre Investment
Manager in Going Shopping 2011 -- The Definitive Guide to Shopping Centres
published by Trevor Wood Associates.
For further information see www.capital-shopping-centres.co.uk
21 November 2011
Sponsor
Merrill Lynch SA (Pty) Limited
Date: 21/11/2011 09:00:02 Produced by the JSE SENS Department.
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