17 June, 2005

UK: Wolverhampton & Dudley eyes GBP 500 mln securitisation via RBoS

Wolverhampton & Dudley Breweries PLC is close to appointing Royal Bank of Scotland Group PLC (RboS) to handle a GBP 500 million securitisation as part of a debt refinancing effort, the Times reported without citing sources.

The Times said the move is aimed at cutting the company's interest payments, which have risen sharply following a debt-fuelled acquisition spree. The company has announced three takeovers in the past year, lifting net borrowings to about GBP 770 million. Wolverhampton and Dudley and RBoS declined to comment, the Times said.

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