Embattled landlord Intu has agreed on an extension to its credit facilities with its lenders as long as it can raise at least £1.3bn of equity.
The landlord said the new £440m revolving credit facility (RCF), which will be provided by all seven of its existing banks, would replace its existing £660m facility that is scheduled to expire in October 2021, but was dependent on it raising £1.3bn in fresh equity.
This is the first time Intu has given a fundraising target and follows on from the news earlier this month that Hong Kong-based investment firm Link Real Estate had pulled out of a £1bn deal.
Following the news, Intu’s share price plummeted to just 13p – a tenth of where the group was trading a year ago.
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