Heineken N.V. enters into contractual arrangements with EBP Pub
Company Limited
(Thomson Reuters ONE) - Amsterdam, 29 October 2009 - Heineken N.V. today announced that ithas entered into contractual arrangements with EBP Pub CompanyLimited (EBP), a company controlled by FEOH Investments Limited(FEOH), which has acquired the tenanted pub Estate (the Estate) fromGlobe Tenanted Pub Company (GTP) in the United Kingdom.The key terms of the contractual arrangements with EBP include: * The provision by Heineken to EBP of financing totalling £180 million for the acquisition of the Estate * A conditional share purchase agreement with FEOH (which is advised by R20, the investment vehicle of Robert Tchenguiz) under the terms of which it is anticipated that Heineken will acquire full ownership of EBP in the third quarter of 2010 * The supply by Heineken of beer and corporate and management services to the Estate through S&N Pub EnterprisesThe proceeds of the sale to EBP will be used principally to repay thesenior Class A1 Notes, which partially funded GTP. Heineken owns92.8% of the Class A1 Notes representing a face value of £175million. It also owns 31.6% of the Class B1 Notes representing a facevalue of £18 million.As a result of repayment of the Notes owned by Heineken, it isexpected that the transaction will be broadly cash flow neutral in2009 for Heineken.Heineken continues to own a 23.9% participation in the syndicatedbank debt of Globe Pub Management Limited (being £55 million out ofan aggregate of £230 million). Heineken has also assumed the economicinterest of the counterparty of Globe Pub Management Limited in aswap transaction.The sale of the Estate to EBP follows GTP being in breach of itsfinancial covenants. GTP and Bank of New York Mellon (BONYM), trusteeto the holders of notes issued by Globe Pub Issuer plc, appointedDeloitte in June 2009 to conduct an independent review of the optionsavailable to the Estate, following which BONYM appointed partnersfrom Zolfo Cooper LLP as Administrative Receivers of GTP on Thursday29 October 2009. The Estate was subsequently sold to EBP for aconsideration of £180 million. The Estate comprises of more than 400pubs across the United Kingdom and for the 52 weeks to 31 August2009, the Estate generated EBITDA of £19.1 million.Press enquiriesVéronique SchynsTel: +31 (0)20 5239 355veronique.schyns(at)heineken.comInvestor and analyst enquiriesJan van de MerbelTel: +31 (0)20 5239 590investors(at)heineken.comEditorial information:Heineken N.V. is one of the world's great brewers and is committed togrowth and remaining independent. The brand that bears the founder'sfamily name - Heineken - is available in almost every country on theglobe and is the world's most valuable international premium beerbrand. The company's aim is to be a leading brewer in each of themarkets in which we operate and to have the world's most prominentbrand portfolio. In 2008, the Company operated 125 breweries in morethan 70 countries and sold 162 million hectolitres of beer. Heinekenis Europe's largest brewer and the world's third largest by volume.Heineken is committed to the responsible marketing and consumption ofits more than 200 international premium, regional, local andspecialty beers and ciders. These include Amstel, Birra Moretti,Cruzcampo, Foster's, Maes, Murphy's, Newcastle Brown Ale, Ochota,Primus, Sagres, Star, Strongbow, Tiger and Zywiec. In 2008, revenuetotalled EUR14.3 billion and Net Profit before exceptional items andamortisation was EUR1.0 billion. In 2008, the average number ofpeople employed was 56,208. Heineken N.V. and Heineken Holding N.V.shares are listed on the Amsterdam stock exchange. Prices for theordinary shares may be accessed on Bloomberg under the symbols HEIANA and HEIO NA and on the Reuter Equities 2000 Service under HEIN.ASand HEIO.AS. Additional information is available on Heineken's homepage: http://www.heinekeninternational.com.http://hugin.info/130667/R/1350868/326346.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 29.10.2009 - 07:59 Uhr
Sprache: Deutsch
News-ID 7580
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