You are here: Home > Investors > Securitisation and debt information Mitchells & Butlers Home HOME ABOUT US OUR BRANDS GIFT CARDS INVESTORS NEWS & MEDIA RESPONSIBILITY CAREERS INVESTORS Investor overview The Market Business strategy Financial performance Our Management Business Conduct Share price and tools Financial calendar Annual report Shareholder information Securitisation and debt information What is securitisation? Classes of debt in MAB securitisation Key terms of our securitisation Amortisation profile Announcements and presentations Capital Raise 2021 Analysts Investor contacts Information centre Securitisation and debt information Our whole business securitisation comprises around £1.66 billion of debt as at October 2019 in the form of tradeable, listed bonds secured over the assets and cashflow of the majority of the business. You can find our debt reports in the information centre. Securitisation In September 2006, we raised £1.1bn via a bond issue to increase our securitised debt by £655m to £2.46bn and refinance existing Floating Rate Notes of £450m. The current cash interest cost is 6.1%. The pubs within the securitisation are owned by Mitchells & Butlers Retail Limited, a 100% owned subsidiary of Mitchells & Butlers plc, which has a financial year end of end September in line with the Group. The performance of the securitisation pubs is reported half yearly on a quarterly basis in line with Mitchells & Butlers plc Interim and Final results in May and November respectively. On 12 June 2020, the Group announced revised financing arrangements that had been agreed with our main creditors to provide a platform of both additional liquidity and improved financial flexibility in order to meet the challenge presented by Covid-19. This is represented by £100m of CLBILs and revolving credit facilities of which £10m was drawn at the balance sheet date. In addition, as part of the revised financing arrangements, certain amendments and waivers were agreed within the Group securitisation to provide stability and flexibility to the Group in order to manage the Secured Financing structure. These arrangements are summarised in the notes to the accounts. In securing these valuable amendments the Group has agreed not to pay an external dividend, undertake any share buy-backs or repurchase bond debt until the end of the financial year to September 2021, at the earliest. FIND A RESTAURANT/PUB Enter a postcode, location or pub name All brands All Bar One Browns Castle Crown Carveries Ember Inns Harvester Innkeeper's Lodge Miller & Carter Neighbourhood Pubs Nicholson's O'Neill's Oak Tree Orchid Pubs Premium Country Pubs Sizzling Pubs Stonehouse Pizza & Carvery Toby Carvery Vintage Inns SHARE PRICE INFORMATION CENTRE LATEST REPORTS Annual Report 2020 Download PDF (6.5MB) NEWS ALERTS Keep up to date with Mitchells & Butlers corporate information and news by subscribing to our email alerts and RSS feeds. Subscribe now CONTACT US Tim Jones Chief Financial Officer Carlie Wakefield PA to Chief Financial Officer +44 (0) 121 498 6112 investor.relations@mbplc.com Denise Burton Deputy Company Secretary +44 (0) 121 498 6514 company.secretariat@mbplc.com Amy De Marsac Head of Investor Relations and Sustainability +44 (0) 7712 538 660 amy.demarsac@mbplc.com Contact Us CONTACT US ACCESSIBILITY SITEMAP LEGAL NOTICE INFORMATION POLICIES PRIVACY POLICY COOKIES © Mitchells & Butlers 2021 ABOUT US Company overview Our strategy Our people Our approach to business Our history Contact us OUR BRANDS Sizzling Pubs Vintage Inns Harvester Ember Inns Toby Carvery Crown Carveries Castle Nicholson's Premium Country Pubs O'Neill's ALEX All Bar One Village Pub & Kitchen Miller & Carter Browns Innkeeper's Lodge Stonehouse Pizza & Carvery INVESTORS Investor overview The Market Business strategy Financial performance Our Management Business Conduct Modern Slavery Statement Share price and tools Financial calendar Annual report Shareholder information Securitisation and debt information Analysts Investor contacts NEWS & MEDIA Company news Brand news Brand offers Media resources Media contacts Subscribe RESPONSIBILITY Good food Serving alcohol responsibly Our employees Working with local communities Environmental concerns Business conduct Responsibility contacts CAREERS Careers and jobs home* About our brands* Search for a job and career* Why join us* *These links go to our careers website