Hotel and restaurant company Whitbread has raised £102m of debt to repay its existing sorter-dated bank facilities.
The company said the move was in line with its strategy of diversifying its sources of funding and lengthening its debt maturities.
The new cash takes the form of private placement notes with a variety of institutional investors.
Group finance director Christopher Rogers 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."
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By Neil Gerrard
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