Greene King, the brewer and pub operator, has agreed a refinancing package that it says provides the company with more favourable lending facilities.
Its bank loan facilities have been increased to £460m and extended until June 2018 after buying at par the entire £60m tranche of its AB1 bond.
Greene King said: “Together, these avoid the Greene King group’s interest-rate step-up on the AB1 bond, due to commence on 17 June, and lengthen the availability period of the group’s bank financing. No other changes have been made to the facility.”
Matthew Fearn, Greene King chief financial officer, said: “We are pleased to have agreed this re-financing package, which provides Greene King with more appropriate lending facilities, in terms of both interest cost and duration of the facilities. The extension of the facility provides improved certainty over financing, takes advantage of liquidity in the bank market and reflects our strong cash position.”
