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.
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.
Greene King buys Ridley & Sons for £45.6m >>
By Chris Druce