20th Apr 2007 10:15
Punch Taverns PLC20 April 2007 Punch Taverns PLC ("Punch" or "the Group") Proposals re. Redemption of the Avebury Securitisation Punch Taverns (the "Company") today announces that it has requested that theissuer of the Avebury securitised notes, Avebury Properties Limited, conveneseparate meetings of the class A2 noteholders and class B noteholders. Eachmeeting, which will be held on Tuesday 15 May 2007, will consider a resolutionto amend the terms of the A2 and B notes respectively to reduce the amountpayable by the issuer upon their optional redemption. The par value of theoutstanding notes are £60.0m and £31.0m respectively. In addition, the Company announces that it has also requested Avebury PropertiesLimited to issue a notice to the holders of the class A1 notes in the Aveburysecuritisation regarding the redemption of all the outstanding class A1 notes.The nominal value of the outstanding class A1 notes is £13.0m and will beredeemed at par in accordance with the terms and conditions of the notes on thenext interest payment date being 21 May 2007. Any amounts payable on redemption of these notes would be financed out ofexisting cash resources and short term bank borrowings. Neil Preston Company Secretary 20 April 2007 Enquiries: Neil Preston, Company Secretary Tel: 01283 501751 Robert McDonald, Finance Director Tel: 01283 501728 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Punch Taverns PLC