Pots and pans are piled high on a metal shelf, sitting in front of a burnt orange tile.
Pots and pans are piled high on a metal shelf, sitting in front of a burnt orange tile.

Classes of debt in MAB securitisation 

Here are details of the fixed and floating rate notes within the securitisation.

Class A1N

Amount at 9 April 2022:
£93.0 million
Legal Maturity Date:
December 2030
Coupon:
£ SONIA + 0.45%
Ratings:
BBB+ / A+ / Baa1

Class A2

Amount at 9 April 2022:
£169.2 million
Legal Maturity Date:
December 2030
Coupon:
5.574%
Ratings:
BBB+ / A+ / Baa1

Class A3N

Amount at 9 April 2022:
$194.6 million*
Legal Maturity Date:
December 2030
Coupon:
$ Libor + 0.45%
Ratings:
BBB+ / A+ / Baa1

Class A4

Amount at 9 April 2022:
£109.8 million
Legal Maturity Date:
December 2030
Coupon:
£ SONIA + 0.58%
Ratings:
BBB+ / A+ / Baa1

Class AB

Amount at 9 April 2022:
£297.8 million
Legal Maturity Date:
December 2033
Coupon:
£ SONIA + 0.60%
Ratings:
BBB / A / Baa3

Class B1

Amount at 9 April 2022:
£36.4 million
Legal Maturity Date:
December 2025
Coupon:
5.965%
Ratings:
BB / BB+

Class B2

Amount at 9 April 2022:
£263.1 million
Legal Maturity Date:
December 2030
Coupon:
6.013%
Ratings:
BB / BB+

Class C1

Amount at 9 April 2022:
£200 million
Legal Maturity Date:
September 2032
Coupon:
6.469%
Ratings:
B+ / BB

Class C2

Amount at 9 April 2022:
£50 million
Legal Maturity Date:
September 2034
Coupon:
£ SONIA + 1.88%
Ratings:
B+ / BB

Class D1

Amount at 9 April 2022:
£110 million
Legal Maturity Date:
June 2036
Coupon:
£ SONIA + 2.13%
Ratings:
B+ / B+
  • Cash interest cost of securitised debt is 6.3%
  • Floating rate notes are fully hedged over their full life
  • Debt fully amortises by June 2036
  • Interest is payable quarterly in arrears on 15 March, 15 June, 15 September, 15 December
  • Class A and Class AB note ratings are the higher of Ambac ratings or underlying ratings
  • Ratings are as given by Standard & Poors, Fitch and Moodys (on the Class A and AB notes)
A checkered table is carefully laid at The George of Harpenden pub, including a napkin, cutlery, glass, candle, and menu.

Key terms of our securitisation

From debt service and dividends all the way to net worth, find out everything you need to know about the key terms used within our securitisation at Mitchells & Butlers.

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Amortisation profile

Learn more about the bonds of Mitchells & Butlers and their legal amortisation profiles. Our 2020 summary is also available to download, if you'd like to keep a copy.

A chef piles fluffy Yorkshire puddings high on the carvery deck. Next to them are roasted meats and crispy parsnips.

Announcements and presentations

Anything you need relating to the various announcements and presentations of Mitchells & Butlers - including the Interim Investor Report and Financial Compliance Certificate - can be found here.

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Reports & Results

Access an up-to-date evaluation of our financial performance at Mitchells & Butlers, including market and analyst information, share prices and business strategy.

Tim Jones

Chief Financial Officer

Amy De Marsac

Head of Investor Relations & Sustainability

Denise Burton

Deputy Company Secretary