Greene King has announced terms of its £600m securitisation to refinance the short-term loan taken out to finance the acquisition of the Laurel Neighbourhood Estate in August last year. The company will place £600m of bond finance that is securitised against nearly half of the company's pub business alongside the £605m of syndicated loan and other facilities which is linked to the remaining business. Of this final amount, about £463m is currently drawn. The bond transaction is expected to be completed next week and the funds raised will then be used to repay the short-term loan taken out to buy the Laurel pubs. The company said that investors had reacted positively to the bonds being offered. Michael Shallow, finance director, said: "This has been a successful, innovative financing exercise, achieved at attractive interest rates for Greene King. "Going forward the strength and efficiency of our capital structure gives us the flexibility to continue to invest in the business, to maintain flexibility in our pub estate and enhance shareholder income."