Jon Adgemis’ pub group seeks to raise up to $40 million in pre-listing refinancing

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Jon Adgemis′ hospitality business is in the final stages of pre-listing debt raising and refinancing, The Australian Financial Review (AFR) has reported.

Mr Adgemis’ hospitality group wants to raise roughly $40 million via secured convertible notes. The proposed structure of these notes has been outlined in an information memorandum seen by The AFR.

Jon Adgemis. Photo: Peter Braig.

Convertible note holders will have all asset security of a vehicle known as the Public Unit Trust. There will be a separate operating company, Public Hospitality Operating Co Pty Ltd. The aim is a June quarter listing of the stapled securities in Public (i.e. a unit in the Public Unit Trust and a share in Opco).

Former Crown Resorts heavyweight, Peter Crinis, has been hired by Mr Adgemis to help with the operations.

READ MORE: Ex-Crown boss, Peter Crinis, to lead pub group as it heads for the ASX.

Peter Crinis will help with operations. Picture: Nicole Cleary.

The hospitality group consists of 15 venues (14-owned, one operated), including the Kurrajong Hotel in Erskineville and The Exchange Hotel in Balmain.

Mr Adgemis says the aim is to create a “lifestyle hospitality brand” with boutique accommodation and vibrant bars that will bring life into unloved buildings and return them to their original roots.

READ MORE: The Gravanis brothers sell Empire Hotel in Annandale for about $20 million.

Source: The Australian Financial Review.

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