5th Jul 2007 14:02
Punch Taverns PLC05 July 2007 PUNCH TAVERNS PLC("Punch" or "the Group") PTF Securitisation Punch Taverns confirms the successful completion of the refinancing of the PunchTaverns Finance securitisation as announced on 14th June. This refinancingimproves the efficiency of Punch's debt funding, replacing short term borrowingwith long term securitised finance, reducing overall interest rates, andsimplifies the Group's corporate debt structure. The debt quantum in the Punch Taverns Finance securitisation has been increasedfrom £1.74bn to £2.1bn, with the proceeds used to redeem existing floating ratenotes on the next interest payment date falling on 16 July 2007 and the balanceused to repay short term bank debt. Formal notice to redeem the existing PunchA Floating Rate Notes will be issued today. The average interest cost of the new issuance is 6.45%, reducing the blendedaverage interest rate on this securitisation from 7.2% to 6.8%, including thecosts of hedging. 5 July 2007 Enquiries: Punch Taverns plc Tel: 01283 501728Giles Thorley, Chief ExecutiveRobert McDonald, Finance DirectorNeil Preston, Company Secretary College Hill Tel: 020 7457 2020Justine Warren This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Punch Taverns PLC