Greene King in new debt deal

PUB group Greene King has secured a new five year £400m revolving credit facility with its banking partners to bankroll expansion.

This replaces the existing £400m facility, which was due to expire in April 2012.

The company said in a statement: “This new facility gives Greene King continued financial flexibility and helps underpin the ongoing delivery of our retail expansion and overall growth strategy.” It plans to grow its managed pubs and restaurants business to about 1,100 outlets from 900 currently in the next five years.