Intu SGS - comment

The Company has provided an update to the recapitalisation program, with confirmation that Lloyds Bank have agreed a new £395m Term Loan and £50m CAPEX facility with a 3.75yr maturity.  All in costs are c. 8.5%.  It is the Term Loan, plus cash on balance sheet that will provide the c. 25c recovery for existing lenders, with the balance converting to PIK/equity. 

We are taking this opportunity to exit the name at 53% as we have previously advised.