Enterprise Inns’ unit Unique receives consents for asset-backed notes

By Wendy Van Sickle

Columbus, Ohio, March 24 – Enterprise Inns plc said Unique Pub Finance Co. plc received the necessary consents in its solicitation to amend its £435 million 6.542% class A3 asset-backed notes due 2021 and £535 million 5.659% class A4 asset-backed notes due 2027.

An extraordinary resolution approving the changes was passed at noteholder meetings on Thursday in London.

Noteholders representing about 99% of the outstanding principal amount of notes were represented at the meeting with about 98% of the votes submitted being in favor of the resolution, according to a notice.

Noteholders who voted in favor of the amendments by March 15 will receive a fee of 0.75%. The consent solicitation was announced March 2.

As previously reported, the proposals are designed to align Unique’s financing terms with Enterprise’s operational strategy.

Specifically, the amendments aim to support the company’s strategy to optimize the returns from every asset in its property portfolio.

The amendments to the Unique financing terms will

• Allow for including more managed pubs in the Unique estate;

• Specify the terms on which leases may be granted to the company or its affiliates to ensure income protection within Unique; and

• Provide greater transparency to Unique noteholders through increased financial reporting and the holding of open investor update conference calls on a semiannual basis.

The amendment will be binding on the holders of the issuer’s £225 million 7.395% class M asset-backed notes due 2024 and its £190 million 6.464% class N asset-backed notes due 2032, the release said.

Questions may go to Neil Smith, chief financial officer, at 0207 733 7700 or Tulchan Communications, Jonathan Siburn, 0207 353 4200.

Unique Pub Finance is Enterprise’s asset-backed securitization vehicle.

Enterprise Inns is a leased and tenanted pub company based in Solihull, England.

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