Intu (SGS) Finance plc Investor report year ended 31 December April 2015

Transcription

1 Intu (SGS) Finance plc Investor report year ended 31 December April 2015

2 Contents Investors Report Pages 3 15 Notice of the Annual Management Presentation Page 16 Form of Reply Page 17 2

3 Investor report Report circulation date Calculation date Unless specified otherwise, all data as of 31-Mar Dec Dec-2014 Contact Information Obligor Security Trustee HSBC Corporate Trustee Company (UK) Ltd. 8 Canada Square London E14 4BB Issuer Intu (SGS) Finance plc 35 Great St. Helen's London, EC3A 6AP EC3A 6AP 3

4 Key Data Calculated as at 31 December 2014 Loan to Value 47% Historical EBITDA m Historical Interest Charges m 49.8 Historical ICR 241% Gross leverage 47% Operational Tier Level for Previous Period T1 Operational Tier Level for Forthcoming Period T1 Any EoD outstanding No Any covenant breach outstanding No 4

5 Debt Information - Bonds Debt Information - Bonds Bond debt Series 1 (3.875) Series 2 (4.625) Series 3 (4.25) ISIN XS XS XS Issuance Date 19-Mar Mar Nov-2014 Expected Maturity Date 17-Mar Mar Sep-2030 Legal Final Maturity Date 17-Mar Mar Sep-2035 Original Rating(s) Standard & Poor's A A A Current Rating(s) Standard & Poor's A A A Ratings watch n/a n/a n/a Date changed n/a n/a n/a Interest basis Fixed Fixed Fixed Interest periods Semi Annual Semi Annual Semi Annual Amortisation Type Bullet Bullet Bullet Accrual Method Act/Act Act/Act Act/Act 5

6 Debt Information - Settlements Original Principal Balance 450,000, ,000, ,000,000 Opening Principal Balance 30-Jun ,000, ,000,000 0 Unscheduled Principal repayments Closing Principal Balance 31-Dec ,000, ,000, ,000,000 * Interest payments in six months Date 17-Mar Mar Mar-2015 Coupon 8,718,750 8,093,750 5,095,300 Payment 8,718,750 8,093,750 5,095,300 Interest payments in forthcoming six months: Date 17-Sep Sep Sep-2015 Coupon 8,718,750 8,093,750 7,437,500 Payment 8,718,750 8,093,750 7,437,500 * Series 3 Notes Issued on 13 November

7 Debt Information - Other Other secured debt Opening Balance Prepayments Closing Balance Maturity Date Initial Authorised Loan Facility 351,750, ,750, Feb-2018 Any other outstanding senior debt n/a Unsecured debt Amounts outstanding under UD Headroom Test m 0 Cash balances Other Percentage of outstanding senior debt benefiting from 99.88% interest rate protection (Min 75%, Max 110%) Any Prohibited Amount outstanding m 0 7

8 Portfolio Information - Composition Portfolio Holding Number of shopping centres in portfolio 6 Portfolio changes in previous period Asset name Valuation Commentary Acquisitions intu Chapelfield [From Nov'14] intu Derby [From Nov'14] Disposals None n/a n/a Withdrawals None n/a n/a m Debt prepayment requirements following portfolio changes in previous quarter Amount reserved pending prepayment / reinvestment n/a n/a Most recent valuations Most Recent Valuation Market Value Percentage of Total Market Value Initial Yield Nominal Equivalent Yield Date m % % % intu Lakeside 31-Dec-14 1, % 4.2% 5.0% DTZ intu Braehead 31-Dec % 3.8% 6.0% DTZ intu Watford 31-Dec % 4.5% 6.3% DTZ intu Victoria Centre 31-Dec % 4.0% 6.3% DTZ intu Chapelfield 31-Dec % 5.0% 6.0% DTZ intu Derby 31-Dec % 6.3% 6.2% DTZ Any additional centres n/a n/a n/a n/a n/a n/a Total Collateral Value attributable to Shopping Centres m 3,164.2 Total Collateral Value Attributable to Developments m 0.0 Total Collateral Value m 3,164.2 Name of Valuer Developments Percentage of Total Collateral Value attributable to Developments Max 15% T1, 10% T2 / T3 0% 8

9 Portfolio Information Asset Criteria Number of Prime Shopping Centres (PSC) Minimum 4 6 Number of PSCs in Major City or Regional SC with min 1.4m sq ft Minimum 1, 1 OR Number of PSCs in Major City or Regional SC with min 1.0m sq ft Minimum 2 2 Percentage of ATCV attributable to Eligible JV Interests Maximum 0% 25% Percentage of ATCV attributable to PSC with Primary Catchment Area that is a Sub-Regional Maximum 0% Centre 25% Regional Concentrations (by Market Value, according to most recent Valuation) Maximum London & South East n/a 58% South 50% South West 50% Wales 50% Midlands 50% 23% North West 50% North East 50% Scotland 50% 18% Northern Ireland 50% Amount of any Asset Criteria Adjustment 0 Adjusted Total Collateral Value (ATCV) m 3,

10 Portfolio Information Property Data Data per property at period close (where relevant for previous 12 months) Portfolio intu Lakeside intu Braehead intu Watford intu Victoria Centre intu Chapelfield intu Derby Tenure Freehold / Freehold Freehold Leasehold Freehold Freehold Freehold Leasehold Total area 000 sq ft 6,104 1,434 1, ,300 Current net income m Gross ERV m Total contracted rent m Vacancy (% of ERV) % 3% 4% 5% 5% 4% 3% 0% Number of Leases Leases Lease term unexpired / WARLT* Years Footfall m * WARLT - Weighted Average Remaining Lease Term 10

11 Tenancy Information Portfolio Lease Expiry Year of Expiration Number of retail leases expiring Expiring area Percentage of total let area Passing rent Percentage of total passing rent Cumulative Percentage of total passing rent Leases Area % m % % 2015¹ % % 16% % 9.5 7% 23% % % 35% % 7.9 6% 41% % 9.2 7% 47% % % 58% % 7.6 5% 63% % 8.9 6% 69% % 8.8 6% 75% % 7.0 5% 80% ,899 51% % 100% (1) 2015 includes any leases that have expired, but the Tenants are holding over under the Landlord and Tenant Act and any Tenants on a tenancy-at-will.in both instances it assumes these leases will expire in

12 Tenancy Information Tenant Concentration Number of units Passing rent Percentage of passing rent Cumulative percentage of passing rent Percentage of total area let Cumulative percentage of total area let Average WARLT* Leases m % % % % Years Arcadia % 4.0% 3.0% 3.0% 5.0 Next % 8.0% 4.0% 7.0% 5.2 Boots % 11.0% 4.0% 11.0% 19.6 Primark % 14.0% 3.0% 14.0% 16.6 H&M % 17.0% 2.0% 16.0% 5.5 House of Fraser % 20.0% 7.0% 23.0% 17.7 Sportsdirect.com % 22.0% 1.0% 24.0% 4.6 Monsoon % 24.0% 1.0% 25.0% 3.8 Dixons Carphone % 26.0% 1.0% 26.0% 5.3 Signet % 28.0% 0.0% 26.0% 5.1 * WARLT - Weighted Average Remaining Lease Term 12

13 Tenancy Information Other Tenants in administration Since the previous report, three tenants has entered administration (representing 1 per cent of passing rent). Rent reviews outstanding As at 31 December 2014 there were 169 rent reviews outstanding within the portfolio. 13

14 Liquidity Requirements Liquidity Requirements Operational Tier Level T1 Opening Closing Liquidity Reserve Required Amount m 0 0 Amount of Liquidity Facility m 0 0 Contents of Liquidity Account m 0 0 Liquidity availability shortfall m 0 0 Interest outstanding on any liquidity facility drawing m 0 0 Amount of Liquidity drawn this period m 0 Amount of Liquidity Facility repaid this period m 0 Amount of interest paid on Liquidity Facility this period m 0 14

15 Key Providers Key Providers Moody's S&P Fitch Account Bank HSBC Bank plc Aa3/P-1/Neg AA-/A-1+/Neg AA-/F1+/Stable Agent Bank, Principal Paying Agent HSBC Bank plc Aa3/P-1/Neg AA-/A-1+/Neg AA-/F1+/Stable Irish Paying Agent HSBC Institutional Trust Services (Ireland) Limited Not Rated Hedge Counterparties HSBC Bank plc Aa3/P-1/Neg AA-/A-1+/Neg AA-/F1+/Stable Hedge Counterparties Bank of America Securities Limited acting as agent for Bank of America N.A. A2/P-1/Stable A/A-1/Neg A/F1/Neg Hedge Counterparties UBS AG, London Branch A2/P-1/Neg A/A-1/Neg A/F1/Stable 15

16 Notice of Annual Management Presentation Notes in Issue Intu (SGS) Finco Ltd (2Finco ) Intu SGS Finance plc Series 1 (3.875%) due 2023 XS Intu SGS Finance plc Series 2 (4.625%) due 2028 XS Intu SGS Finance plc Series 3 (4.250%) due 2030 XS Finco proposes to hold an annual management presentation on 27 th April Please note that Finco has waived the requirement for such meeting to be held only subject to the acceptance from the Qualifying Secured Participants of not less than twenty per cent (20%) of the Qualifying Debt (by value). The meeting will be held at 2:00 p.m. on 27 th April 2015 at the head office of Intu Properties plc, 40 Broadway, London, SW1H 0BT. Please note that the presentation will be combined with that for the Intu Group s Notes issued by Intu Metrocentre Finance plc. Please confirm you attendance using the attached form. 16

17 Form of reply Form of Reply for use by the Qualifying Secured Participants for the annual Presentation. Please complete and return to the address shown below to arrive no later than 20 th April 2015 Name of Noteholder/Lender.. Class and Amount of Notes held Class... Amount.... or, Participation in the Initial Authorised Loan Facility. Address of Noteholder/Lender Please reserve.. place(s) at the Annual Presentation to be held in London in April Name(s) and position of attendees: Name(s). Position..... Please return this form of reply to: Alex Elviss Intu Properties plc 40 Broadway London SW1H 0BT 17