Peel raises £154m from CSC bond deal

John Whittaker's Peel Group has agreed a £154m loan with JP Morgan Chase Bank secured against bonds held in Capital Shopping Centres.

Peel agreed an equitable charge against three lots of £51.4m apiece, equating to 3.75% of CSC (LON:CSCG), held in the form of bonds which could be transferred into shares at a later date.

Whittaker has been busy in recent weeks organising his shareholdings in CSC – he is the largest shareholder with 24.57% including the bonds – by moving shares into different companies within his Peel empire and spending more than £8m adding to his stake.

CSC acquired the Trafford Centre with a mix of CSC shares and cash in January 2011. Whittaker is now deputy chairman of CSC and this month installed Mike Butterworth, boss of the Trafford Centre, as chief operating officer of CSC.

CSC is owner of 14 shopping centres around the UK.