UPDATE 1-Heineken takes more Globe pub debt, books gain

* Heineken acquires notes, bank debt of Britain's Globe

* Results in reduction of Heineken's own net debt

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BRUSSELS, May 28 (Reuters) - Heineken NV (HEIN.AS), the world's third-largest brewer, has acquired more debt at a discount from Britain's Globe Pub Company, thereby reducing it own net debt and realising a net book gain.

Heineken said in a statement it had acquired a further 55.6 percent of class A1 notes representing a face value of 111.2 million pounds ($178.2 million) issued by Globe, meaning it now owned 85.7 percent of these notes.

It had also bought 31.6 percent of Globe class B notes, representing a face value of 18 million pounds, and a 21.7 percent participation in the syndicated bank debt -- 50 million pounds out of a total 230 million pounds.

In addition, Heineken had assumed the economic interest of the counterparty of Globe Pub Management Ltd in a swap transaction. The swap was entered into in 2006, when the floating rate for the bank debt was swapped for a fixed rate.

Heineken said it had purchased the notes and bank debt at a substantial discount and, since Globe had been consolidated for accounting purposes from April 2008, had reduced Heineken's own total net debt position and realised a book gain.

This gain would be included as an exceptional item in 2009.

Globe runs 425 pubs in the United Kingdom and has a 30-year beer supply contract with Scottish & Newcastle, whose British and certain other businesses Heineken bought last year.

Heineken has raised 400 milion pounds and 1 billion euros in notes this year and had an undrawn revolving credit of 1.5 billion at the end of 2008.

"Heineken is in a position where it can easily fulfil upcoming debt maturity requirements (up to 2012 at least). Buying back debt at a substantial discount therefore seems a smart move," KBC Securities said in a morning note. (Reporting by Philip Blenkinsop and Aaron Gray-Block)