Ladbrokes has completed financing for a 1.35 billion pound merger with Coral through a syndicate of banks.
Part of the financing include a 600 million pound term facility to be repaid in a year, with an extension option to January 2018, according to published reports.
Also, the financing includes a 400 million pound revolving credit facility until October 2020 and a 350 million pound revolving credit facility until June 2019. As a result, Gala Coral’s debt will not be transferred into the enlarged group once the merger is completed, according the ShareCast News.
“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,” Ladbrokes Chief Financial Officer Ian Bull said.
In other Ladbrokes news, the company announced that Kristof Fahy will join the business as Chief Marketing Officer leading all brand and marketing activity across Digital and Retail.
Kristof joins from Telegraph Media Group where he was Chief Marketing Officer responsible for marketing and digital acquisition, the company said in a press release.
