UK pub and brewing group Wolverhampton & Dudley Breweries is to switch its outstanding debt to a mostly securitised structure of GBP805m (US$1.41bn).

In a statement the group said that the pricing date for the four classes of notes (Class A1 Notes, Class A2 Notes, Class A3 Notes and Class B Notes) to be issued under the Group's proposed securitisation is expected to be 4th August 2005. 
Following pricing of the securitisation notes, W&DB, Mansfield Brewery Limited and Burtonwood Group Limited expect to issue Notices of Redemption on 4th August 2005 pursuant to the conditions of each series of debenture stocks (as amended by the terms of the extraordinary resolutions passed today). 

It is expected that the settlement date for the redemptions of each of the six series of debenture stock will be 9th August 2005.