$ £

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."

Related casinos

NoCoral Casino90Gibraltar, U.K.
NoLadbrokes Casino90Gibraltar, U.K.
Share this