23rd Oct 2008 13:04
Punch Taverns plc (the "Company")
Punch Taverns announces the results of an invitation to tender, made in an Invitation Memorandum sent on 16 October 2008 to holders of the Class A8 Secured Floating Rate Notes due June 2033 issued by Punch Taverns Finance B Limited. This provided that the Company would purchase, or would nominate another company to purchase, for cash certain of the Notes up to an aggregate cost of purchase of £20 million at between 80 and 95 per cent. of the par value of the Notes.
The invitation to tender has been oversubscribed such that £44.9 million in outstanding principal amount of such Notes were offered for sale at a price equal to 80 per cent. of their outstanding principal amount. As a result, 56.3 per cent. of such offered Notes, representing £25.3 million in outstanding principal amount, will be accepted for purchase by the Company or its nominee on a pro rata basis according to the principal amount of such Notes offered for sale by each Noteholder.
23 October 2008
Enquiries:
Punch Taverns plc +44 (0)1283 501703Giles Thorley, Chief Executive Phil Dutton, Finance Director Ed Bashforth, Head of Corporate Finance
The Royal Bank of Scotland plc +44 (0)20 7085 8056/3781 [email protected] Andrew Burton Gianmarco Deiana
College Hill +44 (0)20 7457 2020 (business communications) Justine Warren Matthew Smallwood
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Punch Taverns PLC