Greene King has raised £600m from its first pub bond. The funds will be used to refinance a loan the brewer and pub company took out last year.

The Greene King bond, secured on a portfolio of some 900 pubs, partly refinances a £1.05bn (US$2.02bn) bridge loan the brewer took out for the acquisition of Laurel pubs in 2004.

In December last year, Greene King refinanced £450m of the bridge loan with a syndicated loan.

The company sold £150m of single-A rated floating rate notes with weighted average life of seven years, £320m of single-A rated fixed rate notes with weighted average life of 16.8 years and £130m of triple-B rated fixed-to-floating rate notes with weighted average life of 15 years.

BNP Paribas and Royal Bank of Scotland were the lead managers for the bond sale.