UK: Diageo confirms Burger King refinancing
Burger King Corporation (BKC) has announced on July 13 that it has completed a refinancing of its credit facilities on a stand-alone basis. Consequently Diageo’s guarantee of BKC's previous $850 million 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 $266 million.
Commenting on this news, 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. ’
Diageo is the world's leading premium drinks business. With its global vision, and local marketing focus, Diageo brings to consumers an outstanding collection of beverage alcohol brands across the spirits, wine and beer categories including Smirnoff, Guinness, Johnnie Walker, Baileys, J&B, Cuervo, Captain Morgan and Tanqueray, and Beaulieu Vineyard and Sterling Vineyards wines. Diageo trades in some 180 markets around the world and is listed on both the New York Stock Exchange (DEO) and the London Stock Exchange (DGE). For more information about Diageo, its people, brands and performance, visit us at www.diageo.com
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