Enterprise seals loans deal

Pubs group Enterprise Inns has refinanced with £625m of loans. Chief executive Ted Tuppen said: “While we’re not there yet, these are strong signs that stability is approaching. Tuppen said the refinancing showed that Enterprise’s £3.3bn debt pile was under control: “We were confident that we would get it done. “Some people thought we would need a rights issue.” Enterprise has a market capitalisation of £620m but Tuppen said the debt was not a problem because the loans are due over a 20-year period and fixed at an average interest rate of six per cent.