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Pub Company Greene King is to simplify its debt structure by paying off a £25m bond.
The 2027 debenture, or Morland debenture as it is formally known, was issued in 1997 before the purchase of the Morland pub company in 1999.
However, since March 2005 Greene King has had an agreed £600m securitisation – which is borrowing against 904 of its managed and tenanted pubs - in place.
It therefore wants to pay of the 2027 debenture to simply its accounts and enhance the group’s financial flexibility, possibly for additional acquisitions in the future.
Greene King Morland debenture holders will vote on the proposals on 27 April.
Company profile: Greene King >>
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By Chris Druce
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