1st Oct 2014 06:41
LONDON (Alliance News) - Enterprise Inns PLC Wednesday said it had agreed the terms of a partial refinancing of its 2018 bonds, and has also arranged a new GBP138 million non-amortising revolving credit facility on improved terms, moves that extend its debt profile and lower its interest payments.
The pub operator said it had received acceptances for GBP249.5 million of its outstanding 6.500% secured bonds due in 2018, which it will buy at a cash price of 108.75% of their principal amount. It has issued GBP249.5 million of secured bonds with a coupon of 6.00% and a maturity of October 2023 instead.
Its new revolving credit facility will be available through to September 2018. It extends the maturity of the previous facility and benefits from improved terms, simplified covenants and lower pricing with a new interest rate of 300 basis points above the London Interbank Offered Rate, or Libor, it said.
Its existing amortising facility stands at just over GBP140 million, with interest rates of 400 and 450 basis points above Libor.
The new bank facility will be provided by Deutsche Bank, The Royal Bank of Scotland, Barclays, BNP Paribas and Lloyds Bank.
Deutsche Bank and The Royal Bank of Scotland acted as dealer managers for the bond tender and along with Barclays were global coordinators of the new bond issue, with BNP Paribas and Lloyds Bank acting as bookrunners on the new issue.
By Steve McGrath; [email protected]; @stevemcgrath1
Copyright 2014 Alliance News Limited. All Rights Reserved.
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