This new facility can only be drawn on completion of the proposed acquisition of Intu Properties plc (“Intu”) announced on 6 December 2017 and will be used to repay selected Intu debt facilities. The terms of the new facility include Hammerson's standard unsecured financial covenants.
The MUFG acted as Coordinator for the facility and HSBC Bank plc were appointed as Facility Agent. Bank of China Limited London Branch, Barclays Bank plc, BNP Paribas, Deutsche Bank, HSBC Bank plc, J.P. Morgan Securities plc, Lloyds Bank plc, Mizuho Bank Ltd, National Westminster Bank Plc, Santander, MUFG and Wells Fargo Bank N.A. London Branch were appointed Mandated Lead Arrangers and Bookrunners.
Richard Sharp, Group Treasurer of Hammerson, said;
“This new facility supports our acquisition of Intu and is illustrative of the future refinancing opportunities in bringing Intu's secured debt structure onto Hammerson's unsecured debt platform. It is further evidence of the strength of our relationships with our existing banking group and continues to demonstrate the attractiveness of Hammerson's credit profile.”