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

By Susanna Moon

Chicago, March 2 – Enterprise Inns plc said Unique Pub Finance Co. plc is soliciting consents for its £435 million 6.542% class A3 asset-backed notes due 2021 and £535 million 5.659% class A4 Asset Backed Notes due 2027.

The proposals are designed to align Unique’s financing terms with Enterprise’s operational strategy, according to a company press release.

The voting deadline will be March 21.

Specifically, the proposals will help support the company’s strategy to optimize the returns from every asset in its property portfolio.

The proposed 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.

Noteholders representing about 28% of the outstanding principal amount in the aggregate of the class A3 notes and the class A4 notes plan to vote in favor of the amendment, the release noted.

If the amendment passes, it 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.

Noteholders who vote in favor of the amendments by March 15 will receive a fee of 0.75%. The total cost of the fee would be £5.4 million, assuming all noteholders vote in favor.

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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