Intu Properties is looking to raise another £110 million ($183 million) of new notes under its existing Trafford Centre commercial mortgage-backed securities.

The latest deal is a single loan transaction secured on Intu’s Trafford Centre, one of the largest shopping centers in the U.K., according to Standard & Poor’s who issued a presale report on the deal.  The deal will issue ‘AA+’-rated A4 notes; ‘AA-’-rated B3 notes and ‘BBB’ rated class D3 notes.

Intu initially issued £610 million of secured notes under the Trafford Centre CMBS. The structure allows the issuer to raise further funds through the creation and issuance of new notes.

In June 2005, the issuer undertook a tap issuance. The issuer fully redeemed the class A1 and D1 notes, and issued four new classes of notes that included the class A1(N), class A3, B2, and  class D1(N).

Following the issuer's redemption of two classes of notes (£85 million), and its tap issuance of a further four classes of notes (£355 million), the transaction's total debt in July 2005 increased to £861 million from £591 million.

Credit Suisse and Lloyds Bank will be acting as joint bookrunners on the proposed bond issuance, according to the presale report.

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