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10.07.2008
As part of Greene King’s recent securitisation tap process, Gerald Eve team was commissioned to undertake a valuation of the company’s securitisation estate, comprising 2,035 pubs, which facilitated the issuing of an additional £350m of investment grade bonds.
The securitisation involved pubs from Belhaven, Hardy’s and Hanson’s and New Century Inns which have been bought by Greene King over the last three years. The total outstanding securitised debt stands at £1.45m, with approximately 80% of the pub estate now securitised following its first securitisation three years ago.
Gerald Eve’s valuation for Greene King’s entire securitisation estate was £2.1bn as at 1 May 2008.
Greene King, which has just announced a 1.4% pre-tax profit increase for the year to 4 May, said the latest securitisation is consistent with its strategy of taking advantage of longer-term, lower cost bond finance when conditions allow.
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