Ladbrokes Wraps Up Financing Agreements to Buy Coral

by Sarah Lewis on 2015/10/12

Ladbrokes, a popular UK betting giant, announced that it completed several financing agreements worth £1.35 billion with banks to finalize the merger with Coral. The financing has three tranches: Tranche A- a £600 million Term Facility as of October 2016 with the possibility of extensions, till January 2018; Tranche B- £400 million Revolving Credit Facility till October 2020 and Tranche C- £350 million Revolving Credit Facility till June 2019. Ian Bull, the Chief Financial Officer at Ladbrokes, said that he is pleased that they made a deal with the banks. He believes that the agreement will provide sufficient liquidity to the new merged group.