Hands’ Annington Aims to Rejig Debt After Military Estate Sale
- Plans to buy back and redeem notes totaling £3.35 billion
- Will also repay term loan, cancel revolving credit facility
Guy Hands’ Annington Funding Plc plans to use part of the proceeds it receives from a sale of military homes back to the UK government to “reshape” its balance sheet and rationalize the current debt structure.
As part of the process, the company plans to buy back and redeem seven series of notes with a total aggregate amount of £3.35 billion ($4.3 billion), repay a £400 million floating-rate term loan and cancel a £100 million revolving credit facility, according to a statement Tuesday.