14th May 2008 07:00
PUNCH TAVERNS PLC
Proposals re. Spirit Debenture terms
Punch Taverns (the "Company") today announces that it has requested that the issuer of the Spirit debenture bonds, Spirit Issuer plc, convene separate meetings of the Class A3, the Class A4 and the Class A5 debenture bondholders. Each meeting, which will be held on 9 June 2008, will consider a resolution to amend the terms of the A3, A4 and A5 debenture bonds (the "Bonds") respectively to adjust the basis of calculation of amounts payable by the issuer upon any optional redemption.
From time to time the Company reviews and considers refinancing and restructuring proposals relating to the Bonds. The Company considers that the proposed amendments, if enacted, will provide greater certainty in the consideration of refinancing or restructuring proposals in the future and would remove from such a refinancing or restructuring the additional risk, complexity and demands on management resource inherent in concurrently running a consent solicitation to redeem the Bonds. The Company has no current intention to redeem any of the Bonds.
Punch Taverns plc 14 May 2008
Enquiries to:
|
Punch Taverns plc |
Tel: 01283 501728 |
|
Neil Preston |
Company Secretary |
|
Ed Bashforth |
Head of Corporate Finance |
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Punch Taverns PLC