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David Hargrave. Credit: intu

intu announced the appointment of David Hargrave as Chief Restructuring Officer

David Hargrave has 20 years of experience as a partner in the restructuring practices of both PwC and EY, specialising in business turnarounds across many sectors. He has also been appointed to the Board as a non-executive director.

Revolving credit facility and swap update 

intu also provides an update on the negotiations with its revolving credit facility (‘RCF’ or the ‘facility’) lenders in relation to obtaining a waiver of certain provisions of the facility.

On 26 March 2020, intu gave an update on the ongoing COVID-19 situation, and related reduction in rent collection, and noted this may require it to seek covenant waivers.

intu can now confirm it has agreed waivers for certain potential breaches which could have arisen, including in particular under its RCF. The RCF waiver is until 26 June 2020 and is subject to certain compliance conditions.

intu has also reached agreement with the counterparty in respect of certain interest rate swaps entered into by a subsidiary of the Company which had a mandatory break at the end of April. The effect of the agreement is for the amounts due on the close out of the swaps to be left outstanding to be repaid on 26 June 2020 or such later date as may be agreed.

intu believes that these actions are another step forward that will allow it to extend its engagement to key stakeholders of the group at the asset level as it explores all options, including potentially seeking standstills to overcome the current market dislocations. This forms part of its ultimate strategic objective to fix the balance sheet over the medium term. intu will make further announcements as appropriate.