Punch Taverns restructuring imminent, says Barclays
A restructuring of Punch Taverns’ £2.3bn debt could start soon, according to a report from Barclays. The bank advocated converting bonds to an interest-only basis, shortening the loan maturity and using disposal proceeds to prepay senior bonds.
In the report, published on Tuesday, Barclays said it expected the company to make a restructuring proposal in the fourth quarter 2012 or first quarter 2013.
Punch Taverns total estate of 5,000 pubs is worth £2.8bn, according to its 2011 annual report, some £568m greater than its net debt.The ...