Ladbrokes has announced that it has completed a balance sheet refinancing and extended its existing bank facilities.
The British bookmaker has completed a $169.5 million retail bond offer that results in an extension of debt maturity on ‘attractive’ terms as well as diversifying its sources of finance, the company announced.
Proceeds from the bond issue will be used to pay down existing bank debt, which has enabled Ladbrokes to extend the maturity to June 2019 of $593 million of its previous debt.
“We are delighted to announce the completion of our re-financing work well ahead of our existing facilities maturing,” said Ian Bull, Ladbrokes CFO. “With constructive and strong support from our bank and debt investors, we were able to use both the bank and bond market to enhance the flexibility and length of our debt profile and further strengthen the Ladbrokes’ balance sheet.”
