Shares of troubled shopping centre operator Intu Properties plc — which runs Manchester’s Trafford Centre and Arndale Centre, Newcastle’s Eldon Square and Gateshead’s Metrocentre — fell another 6% on Wednesday after it agreed an amended credit facility conditional on raising a minimum of £1.3 billion of equity.

“Intu is pleased to announce that it has agreed terms for an amendment and extension of its revolving credit facility (RCF) to 2024,” said Intu.

“The revised four-year, £440 million RCF is conditional on intu raising a minimum of £1.3 billion of equity and will replace intu’s existing £600 million RCF that is due to expire in October 2021.”

The revised RCF will be provided by all seven of the existing banks who participate in intu’s current RCF — Bank of America, Barclays, Credit Suisse, HSBC, Lloyds, Natwest and UBS.

Intu added: “The company is working with its corporate brokers, BofA Securities and UBS, and its financial adviser, Rothschild & Co, on the intended equity raise and intends to update the market in this regard at the time of release of its Annual Results for the year ended 31 December 2019, on 5 March 2020.”

Intu CEO Matthew Roberts said: “This extension of our RCF is a key milestone in addressing our near-term refinancing needs.

“It also underlines the continued support we have from our relationship banks.

“This revised RCF will extend the maturity profile and be used to provide general liquidity for intu.

“Fixing the balance sheet remains our number one priority and we remain engaged with shareholders and potential new investors in relation to the intended equity raise.”