Ladbrokes Completes Financing Agreements to Purchase Coral

UK betting giant Ladbrokes has revealed that it has wrapped up a batch of agreements with banks to provide the financing of its merger with Coral.

The financing is worth £1.35 billion and has three different tranches in which Ladbrokes can reach into if they complete their merger. The three tranches are as follows:

  • Tranche A - GBP 600 million Term Facility - October 2016 and, subject to extension options, January 2018

  • Tranche B - GBP 400 million Revolving Credit Facility - October 2020

  • Tranche C - GBP 350 million Revolving Credit Facility - June 2019

Commenting on the financing Ladbrokes Chief Financial Officer Ian Bull said, "I am pleased that our relationship banks have shown strong support in putting in place a significant size facility at similar pricing to our current facilities. We believe that this facility will provide sufficient liquidity to an enlarged Ladbrokes Coral group following the merger."

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