CMS in London has advised Enterprise Inns plc (“ETI”) on a substantial refinancing transaction which completed today. The refinancing involved:

* A tender offer by ETI in respect of its £600 million secured bond issue maturing in 2018. The nominal amount of bonds tendered and purchased was £249.5 million.
* A new issue by ETI of £249.5 million secured bonds maturing in 2023 to finance the tender offer in part.
* A new £138m revolving credit facility on improved terms.

The CMS team was led by London partners Michael Cavers (Capital Markets) and Patrick Donegan (Banking and Finance). The core team also included London partners Jason Harding (Capital Markets) and Adrian Wright (Real Estate) and lawyers Kirsty Templar (Capital Markets), Karen Ford (Banking and Finance) and Ben Wells (Real Estate).
 
Commenting on the transaction, Michael Cavers said: “ETI is an important and longstanding client of the firm. This is the latest in a series of transactions we have worked on with them over a number of years. This transaction helps the company to manage its long-term capital structure and we are delighted to be a part of such a key transaction for them.”

The new revolving credit facility is provided by Deutsche Bank, The Royal Bank of Scotland, Barclays, BNP Paribas and Lloyds Bank.  Deutsche Bank and The Royal Bank of Scotland acted as Dealer Managers for the bond tender offer and, with Barclays, were Global Coordinators and Bookrunners of the new bond issue. BNP Paribas and Lloyds Bank also acted as Bookrunners on the new issue.  Allen & Overy LLP acted for the banks on the transaction.

ETI is a FTSE 250 company and one of the largest leased and tenanted pub companies in the UK. CMS has acted for ETI on all of its major acquisitions, disposals, capital markets issues and bank refinancings since it was formed in 1991.