Securitisation & Debt information

Overview

As at 1 January 2023, our borrowings comprised £900m bank facilities, which were £820m drawn at the year end, £1,500m revolving loan facility with CKA Holdings UK Limited, which was £311m drawn at the year end, and a whole business securitisations, comprising £1,074m of debt in the form of tradable, listed bonds secured over the assets and cashflow of the pub-related parts of the business.

The pubs within the securitisation estate are owned by Greene King Retailing Limited, a 100% owned subsidiary of Greene King Limited, and which has a financial year end in line with the rest of the group.

In March 2005 we completed a £600m securitisation, which was secured by just under half of our pubs at the time - both managed and tenanted.

In May 2006 we added a further £550m of bonds to this securitisation.

We then undertook a further securitised fund raising in June 2008, issuing another £350m of bonds.

In May 2016 we added a further £300m of bonds to the Greene King securitisation.

In February 2019 we issued £250m of bonds in the Greene King securitisation at 3.593%.

At the year end the Greene King securitisation had secured bonds with a group carrying value of £1,074m and an average life of seven years, secured against 1,473 pubs with a group property, plant and equipment carrying value of 1,995m.

Since March 2020, some of the bonds have been repaid in full.

Financial performance statistics are released half-yearly in October and May for the Greene King Securitisation.

If you have any questions on this information please contact bondholders@greeneking.co.uk