TDR's Ei Group bid could leave legacy securitization in place

By Owen Sanderson
18 Jul 2019

TDR Group’s bid for UK pub chain Ei Group is targeting a company that is already highly levered, thanks in part to the company's legacy securitized debt – first structured in the 1990s as part of a wave of pubco whole business buyouts.

TDR Capital-owned Stonegate is bidding 285p a share in cash for the company, a 38.5% premium to the closing price on Wednesday.

This gives the company an enterprise value of £2.97bn, with the ordinary shares valued at £1.27bn. Ei Group had adjusted Ebitda of £261m in the year ...

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