Hammerson PLC syndicated and signed a £1.50 billion unsecured revolving credit facility that can only be drawn upon completion of its proposed merger with Intu Properties PLC.

The three-year facility, signed with a syndicate of 12 banks, will be used to repay selected Intu debt facilities.

The facility has an initial margin of 100 basis points.

MUFG acted as coordinator for the facility, and HSBC Bank was appointed as facility agent. Mandated lead arrangers and book runners are Bank of China Ltd. 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 NA London Branch.

It was recently reported that British landlord Hammerson received and rebuffed a takeover offer from French real estate investment trust Klépierre.