Brewery giant Shepherd Neame has struck two major multi-million pound financing deals to "support the business for the long term" and allow it to further expand over the coming years.

Britain's oldest brewer, headquartered in Faversham, says the new arrangements will give the company £107.5m of committed long term finance facilities.

That cash, it says, will be used to take advantage of opportunities in Kent as the county's population grows.

It has already recently agreed to build a new pub hotel in Castle Hill - part of the Ebbsfleet Garden City development. The company anticipates "further opportunities" will arise in the medium term.

Shepherd Neame currently owns and operates 321 pubs in Kent and the south east.

In its last financial year-end report it saw a rise in both turnover and profit.

The financing shake-up includes a private placement - the sale of stocks or securities - to BAE Systems Pension Funds Investment Management. It will receive loan notes at a fixed interest rate of 3.99% for 20 years.

It replaces a current loan that is due to expire in 2026. So-called 'swap' contracts of £35m associated with the loan have been terminated at a cash cost of some £9.4m before tax.

The brewer says it will increase net debt in the short term - and an exceptional charge which will be seen on its financial results for the year.

Interest rate on the deal is lower than that on the debt being replaced.

A new five-year revolving credit facility of £50m with Lloyds Bank and Santander UK has also been agreed.

This matures in 2023 replacing the existing facility of £45m that was due to expire in 2020.