Enterprise Inns agrees new £220m bank facility

Enterprise Inns has agreed a new forward start facility of £220m which will begin on expiration of the existing facilities on 16 December 2013.

The facility was coordinated by Deutsche Bank and the Royal Bank of Scotland with Barclays, BNP Paribas, HSBC, Lloyds Banking Group, Santander and Scotiabank joining as arrangers.

It is committed through to 15 December 2015 (facility A: £70m) and 15 June 2016 (facility B: £75m and facility C: £75m).

Enterprise Inns says the FSF secures a refinancing package which will allow the company to follow its strategy of bank debt reduction which has seen the group reduce its facilities from £1.1bn in 2008 to a current level of £446m of which £389m is drawn net of cash.

The size of the FSF is based on the company's strong cash generation and the disposal plan as set out in our half year results statement of 15 May, in which the company stated that for the year to September 2012 it expects to deliver total disposal proceeds of around £200m, followed by a further £150m next year.

At 8:37am: (LON:ETI) Enterprise Inns share price was +0.63p at 65.88p

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