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.
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