Enterprise Inns (ETI), the leased and tenanted pub operator, this morning confirmed it has successfully secured a new £625m debt facility from a syndicate of banks.
In an interim trading statement it said the amortising forward start facility would begin in May 2011, with a final maturity date of December 2013.
The group, which is led by chief executive Ted Tuppen, also revealed it had reduced its net debt by £163m for the six months to 31 March 2010 — and had made £135m on gross proceeds from disposals, realising an exceptional profit of £32m.
Commenting on the refinancing, he said: "We have a robust balance sheet, a secure, flexible and tax efficient debt structure and we continue to generate strong operating cash flows, enhanced by our successful programme for disposing of underperforming and non-core pubs. We are pleased to have renewed our bank facility with our existing club of banks on terms, which fairly reflect current market conditions."