CSC agrees £375m finance deal
The operator of Stoke-on-Trent's Potteries shopping centre has agreed a new £375m revolving credit facility with five banks.
Capital Shopping Centre's (CSC) deal will run for five years with an option to extend for a further two.
The cash will be used for "general group liquidity", CSC told the Stock Exchange this morning (21 November).
HSBC and Lloyds Banking Group are join coordinators on the deal, which were also lead arrangers and book runners along with Bank of America Merrill Lynch, while Credit Suisse and UBS acted as mandated lead arrangers.
Matthew Roberts, finance director of CSC, said: "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."
It replaces an undrawn facility of £248m that was due to expire in 2013. It as an initial margin over LIBOR of 175 basis points, which CSC said is a reduction of 25 or 50 bps from the previous facility.
CSC operates 14 outlets in the UK, including Nottingham's Victoria Centre and Manchester's Trafford Centre.
