News Column

Ladbrokes Completes Balance Sheet Refinancing With Retail Bond

June 16, 2014

Rowena Harris-Doughty

LONDON (Alliance News) - Ladbrokes PLC Monday said it has extended its existing bank facilities and completed an oversubscribed GBP100 million retail bond offer.

The 5.125% retail bond has an 8.25 year maturity and closed early on strong demand, Labrokes said.

The UK betting firm said that, having completed its balance sheet re-financing, it has successfully extended the maturity of GBP350 million of its previous GBP540 million bank facilities, due to expire in 2016, until June 2019. It has also cancelled a surplus GBP135 million of the previous facilities.

Ladbrokes said its total debt financing now stands at GBP730 million, with an extended maturity profile.

Shares in Ladbrokes were trading 1.6% lower at 146.25 pence Monday morning.

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Source: Alliance News

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