Business
Long-term refinancing
Long-term refinancing.
About this update from Entain Plc
[{"type":"text","content":"\n \nRNS Number : 6283Y GVC Holdings PLC 07 December 2017 \n\n7 December 2017\nGVC Holdings PLC\n (\"GVC\" or the \"Company\" or the \"Group\")\nLong-term refinancing\nGVC Holdings PLC (LSE:GVC), the multinational sports betting and gaming group, are pleased to announce a €50m increase in the term loan element of its Senior Secured Term and Revolving Facility (\"the Facility\"), originally signed in March 2017. The Facility now comprises a €300m term loan (the \"Term Loan\") and a €70m revolving credit facility (\"RCF\")\nThe additional €50m raised will be used for potential bolt-on acquisitions and general corporate purposes. There are no plans to draw on the RCF at this time.\nSome additional enhancements to the documentation have been incorporated: the interest rate on the Term Loan has been reduced by 50bp to 275bp above Euribor with a 0% floor and the accordion facility, which allows the incurrence of incremental debt subject to a net leverage test, has been increased from 2.25 to 3.5x.\nNomura International plc and Deutsche Bank AG - London Branch acted as mandated lead arrangers. \nPaul Miles, Chief Financial Officer commented:\n\"The amended financing represents a logical development in the enhancement of our lending facilities and reflects our increasing standing in the international debt markets.\"\nThe information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.\n- ends -\n \n \nLEI: 213800GNI3K45LQR8L28\n \nFor further information:\n\n\n\n\nGVC Holdings PLC\n\n\n\n\n\n\n\nKenneth Alexander, Chief Executive \nPaul Miles, Chief Financial Officer\nNick Batram, Head of Investor Relations & Corporate Strategy\n\n\n Tel: +44 (0) 1624 652 559 \nTel: +44 (0) 20 3938 0079 \nTel: +44 (0) 20 3938 0066\n\n\n\n\n \n \nMedia enquiries:\n\n\n\n\nBuchannan Communications\n\n\n\n\n\n\n\nDavid Rydell\n\n\nTel: +44 (0) 20 7466 5066\n\n\n\n\n \n \nAbout GVC Holdings PLC\nGVC Holdings PLC is a leading e-gaming operator in both B2C and B2B markets. GVC has four business segments with a number of brands; Sports Brands (bwin, Sportingbet, Ga...