24th Oct 2016 07:45
LONDON (Alliance News) - Enterprise Inns PLC said Monday it is making a tender offer to repurchase outstanding bonds as it issues new bonds and enters a new revolving credit facility.
Enterprise said it is making a tender offer to repurchase GBP250 million worth of outstanding 6.5% secured bonds which are due 2018, at a cash price equal to 111% of their nominal amount. Enterprise noted GBP350.5 million worth of the original GBP600 million bond issue remains outstanding.
The tender offer is part of a refinancing, as Enterprise has entered into a new GBP120 million revolving credit facility and also will issue at least GBP150 million worth of new bonds. The new bonds will be issued at a fixed rate no lower than 6.375% a year, and will be due in 2022.
Shares in Enterprise Inns were up 0.6% at 89.50 pence Monday.
By Adam Clark; [email protected]
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