UK pub retailer Greene King has closed an innovative securitisation that allows it unprecedented operational flexibility while reducing its funding costs.
The £600 million ($1.13 billion) deal securitises 904 of Greene King’s managed and tenanted pubs – the only deal on the market to include both assets – but is structured to allow for transfers in and out of that portfolio. This gives the company more operational flexibility than a usual whole business securitisation while still maintaining controls that satisfy rating agencies and investors.
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