Stonegate Pubs - comment

The equity nature of the new 2nd Lien facility does not impact senior creditors directly, but it underlines that getting the A&E away has been expensive. TDR put £250m into Stonegate but has had to cede some equity to the 2nd Lien provider (AlbaCore). The terms are not public (so far). We will update on Stonegate in more detail when Wolfgang returns.