Greene King Secures New Debt Facility
Greene King, the UK regional brewer and pub operator, has entered into a new five year £400m revolving credit facility with its banking partners, commencing in April 2011. This replaces the existing £400m facility, which was due to expire in April 2012, and the full £400m is available for the entire five year period.
Compared to the existing facility, which was arranged at the attractive margins available in early 2007, and based on current drawings, the new facility will increase the group’s annual interest costs by about £2.5m and will give the group an expected blended average interest rate of around 6.1%.
This new facility gives Greene King continued financial flexibility and helps underpin the ongoing delivery of its retail expansion and overall growth strategy.
