Whitbread, the hotel and pub restaurant operator, this morning revealed it had raised around £102m via a private placing. The Premier Inn and Beefeater owner said it would use the proceeds to pay down bank debt. Whitbread said the deal was part of its plans to diversify its sources of funding and lengthen debt maturities. Whitbread’s net debt at its year-end, March 2010, was £513m. Christopher Rogers, group finance director said: “We are pleased to have secured longer term debt financing on attractive terms for Whitbread. “The strong demand we received from leading institutional investors in the UK and US clearly demonstrates their confidence in our track record of outperformance through the cycle.” The money raised was issued on a spread of interest rates ranging from 4.55% to 5.23%, and will mature in seven to 10 years. Some of the notes have been swapped to floating-rate form, as a result of which the blended sterling rate of interest on the notes is currently 3.8%, compared to the existing drawn bank facilities of 1.4%. These existing facilities are due to expire in 2012 and 2013.