EI Group has received \u00a3337m after completing the sale of the majority of a 370-property portfolio to a US hedge fund. <\/p>\n
The Solihull-based pub group, which used to be called Enterprise Inns, has finalised a deal for 348 of the properties with Davidson Kempner Capital Management. The remaining 22, which will add a further \u00a311m to the overall deal value, are expected to complete after receiving landlord consent.<\/p>\n
EI intends to use the proceeds from the sale to repay and cancel the outstanding \u00a335m balance on the group’s \u00a350m term loan facility agreement and \u00a3115m to repay amounts drawn under its \u00a3150m revolving credit facility agreement.<\/p>\n
It has also announced an additional \u00a335m share buyback programme, following on from the \u00a320m programme it completed in January.<\/p>\n
Simon Townsend, EI Group’s chief executive, said: “Today’s announcement is a significant milestone for the business and evidence of our ability to unlock value across our estate and realise attractive cash proceeds for shareholders.<\/p>\n
“This disposal will allow us to focus on driving growth across our core Publican Partnerships, Managed Operations and Managed Investments businesses, while also reducing our debt and delivering further shareholder value.”<\/p>\n","protected":false},"excerpt":{"rendered":"
Share buyback and debt reduction programmes launched after \u00a3337m deal completes<\/p>\n","protected":false},"author":18,"featured_media":1745745,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"coauthors":[81],"class_list":["post-2027476","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property","tag-featured-story"],"yoast_head":"\n