W&D completes refinancing

Wolverhampton and Dudley Breweries (W&D) has refinanced £805m of existing debt by securitising it against 70% of its 2,000-plus pub estate.

The move includes a new £250m bank facility that will grant the acquisitive group the flexibility it needs to make future purchases.

W&D, which bought Jennings for £46m in April, said the move would also make the cost of future borrowing cheaper.

Finance director Paul Inglett said: "This proposed refinancing of our existing debt will reduce interest costs and is consistent with our strategy of retaining the high-quality freehold asset base of the business, while providing greater flexibility for further development."

Rival Greene King announced in February that it would issue £600m of bonds to partly finance the £1.05b loan it took out to buy 432 pubs from Laurel Pub Company in July 2004.

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