Punch Taverns in plan to slash debt pile
Thursday 07 February 2013
The embattled pubs company Punch Taverns has launched a plan to cut its £2.1bn debt pile. At present, the debt structure is split into two securitised vehicles, Punch A and Punch B.
It said it will use cash resources to cancel certain tranches of Punch B debt and would amend financial covenants in Punch A.
This would cut Punch B's debt by £229m and save the company £463m over five years.
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