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.
Buy this week's Caterer magazine for more industry news and analysis