22nd Sep 2014 11:03
LONDON (Alliance News) - Enterprise Inns PLC Monday said it has agreed terms to replace its current financing facilities with an improved four-year revolving facility with a syndicate of banks, and announced a tender offer of its outstanding GBP600 million 6.50% secured bonds due 2018.
The company said that it is making the offer in an effort to manage its liabilities and future debt redemption obligations.
Enterprise has offered to buy the bonds from bondholders for cash up to an aggregate nominal amount of GBP250 million. Under the offer, it will pay for bonds validly tendered and accepted for purchase at a price equal to 108.75% of the nominal amount of the bonds. It also will pay an accrued interest payment in respect of the bonds.
Bondholders must tender their bonds for purchase by 1600 BST next Monday.
The company plans to issue new sterling-denominated fixed-rate secured bonds due 2023 if investors agree to subscribe for at least GBP200 million.
Shares in Enterprise Inns were trading up 0.3% at 117.70 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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