FINANCE: The Royal Bank of Scotland has given approval for Punch Taverns to go ahead with a £2.3bn debt restructuring.
Punch, which owns 4,000 pubs across the UK, last month received approval from shareholders for the restructure, which will provide liquidity for its two current securitisations, Punch A and Punch B.
With approval from the lender now in place, the restructuring is expected to complete tomorrow.
The debt-for-equity deal will cut Punch Taverns’ debt by about £600m to £1.8bn.
sophia.furber@estatesgazette.com
