Last checked at 7 Nov 2011 08:00
RNS Number 304579
Whitbread PLC
7 November 2011
Whitbread renews credit facilities
Whitbread PLC, the UK's largest hotels and restaurant group, has today announced that it has signed a new syndicated bank five year facility of £650 million replacing its existing bank loan facilities of £930 million.
It has been the Group's policy for some time to diversify its sources of debt and extend its maturity profile. In the last two years total funding of the equivalent of £250 million has been made available from private placement notes with maturities from 2017-2021, to which has been added this new five year £650 million facility. The effective blended interest rate on the Group's total borrowings for the balance of this financial year will be just over 6.0% falling to c5.5% from February 2012 on the maturity of a number of interest rate swaps.
Christopher Rogers, Group Finance Director said "we are pleased to have secured the support of our core relationship banks for a loan at an attractive rate, which together with our private placement notes, meet the medium term funding needs of the Group to support our growth programme".
For Further information contact:
Christopher Rogers, Group Finance Director +44 (0) 20 7806 5491
Anna Glover, Director of Communications +44 (0) 7768 917651