News - Midlands
Enterprise agrees debt package
Listed Solihull pub company Enterprise Inns has agreed a refinancing of its bank debt following the signing of a £625m forward start facility with ten banks from its existing syndicate. The new facility will start in May 2011, when the current facilities mature. The facility comprises a tranche of £206m, expiring in December 2012 and a tranche of £419m, which expires in December 2013. The deal follows an announcement in its interim management statement in July that it was looking to refinance its debt.