Punch - comment

Management are exploring refinancing options in the near term and the company has hired Barclays and NatWest to do so, which indicates that structurally, the new instrument will probably be a like-for-like replacement of the existing bond. Supporting the refinancing is a strong increase in the valuation of its estate up to £992m. We see no reason that this refinancing would not be successful and expect the deal to come very soon.