Heineken takes on debt from Globe Pub division

DANISH brewer Heineken said yesterday it has acquired discount debt from its UK pub management firm, Globe Pub Company, in a bid to reduce its own debts.<br /><br />The beer-maker acquired a further 55.6 per cent of class A1 notes, representing a face value of &pound;111.2m, issued by Globe, meaning it now owns 85.7 per cent of these notes.<br /><br />It also bought 31.6 per cent of Globe class B notes, representing a face value of &pound;18m, and a 21.7 per cent participation in the syndicated bank debt &ndash; &pound;50m out of a total of &pound;230m. In a swap transaction the company also took the interest of the counterparty of Globe Pub Management.<br /><br />Heineken purchased the notes and bank debt at a substantial discount and, since Globe &ndash; which runs 425 pubs in the UK &ndash; has been consolidated for accounting purposes since April 2008, has reduced its own debt position and realised a book gain.