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UK: Diageo receives US$266m in BK refinancing

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Burger King Corporation (BKC) has today announced that it has completed a refinancing of its credit facilities on a stand-alone basis.  Consequently Diageo's guarantee of BKC's previous $850m senior and revolving credit facilities now falls away.

Diageo will also receive immediate repayment of the principal of the subordinated debt plus accrued interest. At 30 June 2005 this amounted to US$266m.

Paul Walsh, CEO of Diageo said: "The refinancing of Burger King brings to an end the debt guarantee Diageo has provided for BKC since the disposal of that business in 2002. The repayment of the subordinated debt enhances our balance sheet and the release of the guarantee increases Diageo's ability to access debt within our current balance sheet structure."


Sectors: Beer & cider, Spirits, Wine

Companies: Diageo

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