The UK’s largest pub company, Stonegate has confirmed a £638m refinancing deal according to reports.
It is believed that Apollo Global Management is the lender behind the deal.
The pub chain, which is owned by London-based private equity firm TDR Capital, wants to pay down existing debt accumulated since its creation in 2010, and is understood to be splitting off a group of about 1,000 pubs from its portfolio.
Stonegate was formed as a group of 333 pubs but now has a portfolio of over 4,500 following years of expansion, especially through acquisitions such as the 2019 takeover of Ei Group, formerly known as Enterprise Inns of England.
The venues generate the majority of their revenue from drink sales, with a mid-market focus and a strong bias towards well-populated, suburban locations.