14th Jul 2005 07:01
Diageo PLC13 July 2005 13 July 2005 Diageo confirms Burger King refinancing Burger King Corporation (BKC) has today announced that it has completed arefinancing of its credit facilities on a stand-alone basis. ConsequentlyDiageo's guarantee of BKC's previous $850 million senior and revolving creditfacilities now falls away. Diageo will also receive immediate repayment of the principal of thesubordinated debt plus accrued interest. At 30 June 2005 this amounted to $266million. Commenting on this news, Paul Walsh, CEO of Diageo said: 'The refinancing of Burger King brings to an end the debt guarantee Diageo hasprovided for BKC since the disposal of that business in 2002. The repayment ofthe subordinated debt enhances our balance sheet and the release of theguarantee increases Diageo's ability to access debt within our current balancesheet structure. ' -Ends- Contacts: Investor Relations: Kelly Padgett +1 202 7151110 investor.rel@diageo.com Catherine James +44 (0)20 7927 5272 investor.rel@diageo.com Media Relations: Isabelle Thomas +44 (0)20 7927 5967 media@diageo.com Notes to editor: Diageo is the world's leading premium drinks business. With its global vision,and local marketing focus, Diageo brings to consumers an outstanding collectionof beverage alcohol brands across the spirits, wine and beer categoriesincluding Smirnoff, Guinness, Johnnie Walker, Baileys, J&B, Cuervo, CaptainMorgan and Tanqueray, and Beaulieu Vineyard and Sterling Vineyards wines. Diageotrades in some 180 markets around the world and is listed on both the New YorkStock Exchange (DEO) and the London Stock Exchange (DGE). For more informationabout Diageo, its people, brands and performance, visit us at www.diageo.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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