Enterprise Inns  6.375% 26 Sep 2031

Description Bond Information Company Information Capital Structure Key Financials Reports News & Stories

Business Description

Enterprise Inns is the largest pub company in the UK, and owns around 5,000 properties that are predominantly run as leased and tenanted pubs. The company aims to partner with entrepreneurs passionate about pubs, by granting leases and tenancies to the best publicans. The company recruit high quality, commercially minded managers for their managed pubs, as well as collaborating with experienced experts in the pub industry.

The company has a team of over 500 people dedicated to supporting and empowering their publicans to run great pub businesses.

The business has historically focused on leased and tenanted pubs. They have an extensive range of tied agreements available allowing more choice for publicans. The company believes their leased and tenanted model makes running pub businesses more accessible than the purchase of a freehold, whilst providing the same feelings of ownership, autonomy and pride for their publicans that come from them building their own successful businesses. Together with providing the pub, the company offers a range of Special Commercial or Financial Advantage (SCORFA) benefits to their publicans, including investment, training, business support and other business building and cost saving opportunities, and they will continue to develop these benefits for their tied tenants.

Bond Information

Coupon

6.375%

Maturity Date

26 Sep 2031

Next Interest Payment

26 Mar 2020

Interest Period

6 months

ISIN

XS0143315140

Asset Security

First ranking charge over company assets

Amount

£275,000,000

Ratings

S&P:  BB-, Moody's:  B1

Status

Payments on time

* Current Yield and Yield to Maturity are on estimated return calculations and not guaranteed. All yields shown are gross of Taxation and our Service Fee.

Company Information

Company Legal Name

Enterprise Inns plc

Year of Incorporation

1991

Ownership Status

Public

Country of Origin

UK

Industry

Property

Capital Structure

Senior Debt

53%

Junior Debt

5%

Equity

42%

Cash

-1.2%

Senior Notes (combined)

6.2%

Content Liabilities

12.0%

Net Debt

17.0%

Equity

83.0%

Enterprise Value

100.0%

EDITDA

£883,000,000

Cash interest

£226,400,000

Type £m x EBITDA* % of capitalisation* Maturity* Coupon* EBITDA/Interest*
Cash na na na na na na
6.875% 2021 Bonds na na na na na na
6.375% 2022 Bonds na na na na na na
6.0% 2023 Bonds § na na na na na na
6.875% 2025 Bonds na na na na na na
6.375% 2031 Bonds ‡‡ na na na na na na
Securitized Bonds §§ na na na na na na
Net Secured Debt na na na na na na
Unsecured Bonds na na na na na na
Net Debt †† na na na na na na
Market Cap ‡‡ na na na na na na
Net Capitalisation na na na na na na
             
EBITDA 283          
Cash Interest 149          

Source: Company Reports

* An asterisk next to an item indicates there is additional information available if you hover over it. You can also find a definition of the terms used on this page in our Glossary.

Asset Cover covenant of 1.50x

Asset Cover covenant of 1.67x

§ Asset Cover covenant of 1.67x

Asset Cover covenant of 1.50x

‡‡ Asset Cover covenant of 1.67x

§§ Amortizing annually to 2032

†† Company reports that property portfolio is valued at £3.3bn as of 31 March 2019. See :2019 First Sixth Months Presentation Pg 2 (below)

‡‡ Source: Bloomberg, as at 26/07/19

Key Financials

Revenues

11,607

Growth %

38.1%

EDITDA

1,681

Margin %

14.5%

Cash balance

3,067

Key Financials (£m) 2013A 2014A 2015A 2016A 2017A 2018A 6m 2018 6m 2019
n/a n/a n/a n/a n/a n/a n/a n/a n/a
n/a n/a n/a n/a n/a n/a n/a n/a n/a
n/a n/a n/a n/a n/a n/a n/a n/a n/a
n/a n/a n/a n/a n/a n/a n/a n/a n/a
n/a n/a n/a n/a n/a n/a n/a n/a n/a
n/a n/a n/a n/a n/a n/a n/a n/a n/a

Source: Company Reports

Reports & Information

Throughout our site you will find links to external websites. Although we make every effort to ensure these links are accurate, up to date and relevant, we cannot take responsibility for pages maintained by external providers.

Throughout our site you will find links to external websites. Although we make every effort to ensure these links are accurate, up to date and relevant, we cannot take responsibility for pages maintained by external providers.

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