Punch buys back convertible bond debt

From The Publican

Start a new threadBy Hamish Champ , 21-Sep-2009

Related topics: General News, Company & City News

Debt-laden Punch Taverns announced today it has bought around a third of the nominal value of its £275m 2010 convertible bonds.

 

Back in June Punch had offered to buy back parcels of the bonds, following news of its £350m rights issue.

 

Following a number of deals there is now a nominal value balance of £101.9m remaining on the bonds.

 

A Punch spokesman said the group had decided market conditions presented it with the opportunity to buy back the debt.

 

Last month Punch announced that since the start of its financial year it had repaid £708m of debt, £698m of which was ahead of schedule, at a cost of around £473m.

Find us on Facebook

Spotlight

National Minimum Wage - what you need to know

National Minimum Wage - what you need to know

HMRC is naming and shaming pubs, hotels and restaurants that pay below the national minimum wage. The...

Craft Cider Trends

Craft Cider Trends

As the craft-cider movement follows the craft-beer movement, we begin to see parallels in its development. Here,...

The Big Interview: Mike Benner, SIBA

The Big Interview: Mike Benner, SIBA

In June Mike Benner left the Campaign for Real Ale (CAMRA) after 20 years of campaigning, to...

PMA's Most Mentioned 2014

PMA's Most Mentioned 2014

The Publican's Morning Advertiser has carried out its own research to uncover the 20 pubcos that have...

Follow us on