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Heineken ends Globe debt exposure and lowers value UK pubs


Heineken ends Globe debt exposure and lowers value UK pubs

Amsterdam, 23 December 2009 – Heineken N.V. today announced that it has acquired the remaining syndicated bank debt of the Globe Group (Globe) in the United Kingdom at a discount to the GBP175 million (EUR195 million) face value. Following the acquisition, Heineken will have acquired all of Globe’s syndicated bank debt with a face value of GBP230 million (EUR256 million) and will no longer have any outstanding Globe debt on its balance sheet.

Following the acquisition of Scottish & Newcastle on 28 April 2008, Heineken consolidated the assets and liabilities of Globe on its balance sheet. On 29 October 2009, Heineken announced repayment of the A1 Notes of Globe after the acquisition of the Globe estate by EBP.

In order to reflect current fair value, Heineken has lowered the value of its interests in pubs in the United Kingdom by EUR80 million before taxation. The adjustment does not affect cash flow.

As a consequence of the total Globe debt restructuring and taking into account related costs, Heineken has realised an exceptional book gain of EUR215 million before taxation, of which EUR84 million before taxation has already been announced in the first half year of 2009. This has resulted in a reduction of net debt of EUR215 million.

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