| Fri 13 Aug 2004, 15:39 | | Statement Re New GBP650 Million Facility |
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Liberty International Plc - Statement Re New GBP650 Million Facility
Liberty International Plc
(Registration number UK3685527)
ISIN Code: GB0006834344
JSE Code: LBT
Issuer Code: LILII
13 August 2004
LIBERTY INTERNATIONAL PLC
REPLACEMENT OF GBP550 MILLION NON-RECOURSE LOAN SECURED ON LAKESIDE, THURROCK,
WITH A NEW GBP650 MILLION FACILITY
Liberty International PLC, through its wholly owned subsidiary, Capital Shopping
Centres PLC (`CSC`), has entered into arrangements with Eurohypo, the specialist
commercial real estate bank, to replace the current GBP550 million non-recourse
loan secured on CSC`s flagship regional shopping centre, Lakeside, Thurrock,
with a new GBP650 million 7 year term and revolving loan facility.
The new loan comprises GBP550 million by way of term finance from Eurohypo`s
conduit vehicle, Opera Finance (Lakeside) PLC, and GBP100 million by way of
subordinated revolving facility underwritten by Eurohypo. Opera`s participation
is being re-financed through the issue of floating-rate mortgage-backed
securities for an equivalent period. The innovative structure enables Liberty
International to gain the benefit of capital market pricing while retaining the
flexibility of a bank loan.
The replacement financing of Lakeside, Thurrock, adds to Liberty International`s
programme of raising long-term asset-backed non-recourse finance and benefits
from sharing with Eurohypo in the strong demand for highly-rated listed
securities in the capital markets. The additional GBP100 million under the new
loan will be available for general corporate purposes including the financing of
Liberty International`s GBP1.3 billion development programme, predominantly
focussed on prime UK regional shopping centres. The net interest saving to
Liberty International on the GBP550 million term loan element is estimated at
around GBP2 million per annum.
The structure of the loan continues to provide CSC with full flexibility to
implement its active management approach at Lakeside.
Enquiries:
Aidan Smith, Finance Director, Liberty International +44 (0)20 7960 1210
PLC
Peter Badcock, Director, Capital Shopping Centres PLC +44 (0)20 7887 7069
Additional notes on Liberty International PLC group for information:
Liberty International PLC is the UK`s third largest listed property company and
a constituent of the FTSE-100 Index of the UK`s leading listed companies.
Liberty International owns 100 per cent of Capital Shopping Centres, the premier
UK regional shopping centre business, and Capital & Counties, a commercial and
retail property investment and development company concentrating in Central
London, South East England and California, USA.
Lakeside, Thurrock, which opened in 1990, is a 1.3 million square foot super-
regional shopping centre situated 20 miles east of London adjacent to the M25.
It is let to over 300 tenants including anchor stores, Marks & Spencer,
Debenhams, House of Fraser and Allders. The centre has been recently valued at
GBP1.034 billion.
Sponsor
Merrill Lynch SA
Date: 13/08/2004 03:27:50 PM Produced by the JSE SENS Department
