WestLB principal finance, the troubled arm of the German bank has exited from Pubmaster, the UK pub chain, following a £1.2bn bid from Punch Taverns.

The deal is being funded entirely by debt, with Punch assuming £900m of securitised debt from Pubmaster. In addition, Punch has raised £265m from its recent refinancing, and RBS is providing a £60m facility.

Punch Taverns' £1.2bn bid allows WestLB an exit from Pubmaster

David Rothnie

Punch Taverns

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