UK: Greene King will re-finance Morland Debenture
Greene King announced on April 5 that it has decided to refinance its £25m Greene King 7.75% 2027 debenture (the 'Morland Debenture') (formerly and most commonly referred to as the Morland 2027).
The Greene King Group currently has a range of debt financing in place, comprising a £600m securitisation completed in March 2005, bank facilities and debentures. The repayment of this debenture would generate material benefits for the Group by:
• simplifying the Group's capital and accounting structures
• focusing the Group's relationships with long-term bondholders around one issuing vehicle
• enhancing the Group's financial flexibility for the future.
Accordingly, Greene King published on April 5 a Consent Solicitation Document containing proposals seeking the consent of the holders of the Morland Debenture to the redemption of the Morland Debenture for cash ('the Redemption Offer') at the price stated therein.
The Consent Solicitation Document may be obtained on request from The Royal Bank of Scotland plc who are acting as the Group's Consent Solicitation Agent.
ABI committee
The terms of the Redemption Offer have been considered by a Special Committee of the ABI. The members of the Special Committee, representing approximately half by nominal value of the Morland Debenture, have informed Greene King that they find the proposals acceptable, that they intend to vote in favour of the extraordinary resolution in respect of their holdings and that they will be inviting other members of the ABI to consider a similar course of action.
Meeting
A meeting is being convened on 27 April 2006 for the purposes of enabling the holders of the Morland Debenture to consider and, if they so wish, to vote to pass the extraordinary resolution necessary to effect the redemption of the Morland Debenture. The deadline for submission of votes in order to qualify for the Early Solicitation Fee is 5:00pm on 20 April 2006.
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