11 Jan 2016 13:46
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Don't have an account? Click here to register.Ladbrokes completes Coral merger financing
Fri, 09th Oct 2015 07:21
(ShareCast News) - Ladbrokes has signed a £1.35bn facility to provide financing for its proposed merger with Coral.The new facility for the FTSE 250 company is with a syndicate of relationship banks and has three tranches available for drawing once the merger is completed.The three tranches include a £600m term facility to be repaid in a year, with an extension option to January 2018.The other two tranches are a £400m revolving credit facility until October 2020 and a £350m 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.Chief financial officer Ian Bull believes it will provide significant liquidity to the enlarged group after the merger."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."
More News
7 Jan 2016 10:49
Thursday newspaper share tips: Falling oil prices threaten BHP Billiton's strategy
(ShareCast News) - Falling oil prices are threatening BHP Billiton's strategy to diversify into oil and gas, The Telegraph's Questor wrote on Thursday. Oil prices have been plummeting amid geopolitical flare-ups in the Middle East and oversupply concerns continuing to dominate market sentiment. Que
Read more21 Dec 2015 08:11
11 Dec 2015 07:21
Ladbrokes announces acting CFO to cover ahead of Coral merger
(ShareCast News) - Ladbrokes has appointed Richard Snow as acting chief financial officer. The FTSE 250 company announced in September that Ian Bull who currently holds the post, will leave the company in February. Snow, who is director of investor relations, will hold the post until the proposed m
Read more11 Dec 2015 07:12
London pre-open: Stocks seen lower on negative Asian cues
(ShareCast News) - London stocks are called to open lower on Friday, taking their cue from a downbeat session in Asia. Shares in China and Hong Kong slid as the yuan hit its lowest level in four years. The FTSE 100 is expected to open 21 points lower than Thursday's close at 6,067. On the data fro
Read more10 Dec 2015 15:43
Ladbrokes' new chair and director bet on company
(ShareCast News) - Ladbrokes' new chariman and newest board member are already giving their financial backing to the company. John Kelly was appointed chairman of the company at the beginning of December, replacing Peter Erskine who announced his intention to step down in May. He will also become c
Read more4 Dec 2015 07:43
Ladbrokes appoints John Kelly as chairman ahead of Coral merger
(ShareCast News) - Ladbrokes has appointed John Kelly as the bookmaker's new chairman with immediate effect following the departure of Peter Erskine and ahead of the proposed merger with Coral Group. The appointment follows the announcement in May that Erskine intended to step down from the board th
Read more30 Nov 2015 08:23
Gala Coral revenue up ahead of Ladbrokes merger
(ShareCast News) - Gala Coral Group's full year revenue is up ahead of the proposed merger with Ladbrokes. The betting company released its full year results to 26 September 2015 on Monday. It showed a 6% increase in net revenue to just over £1bn, despite 2014 figures including the impact of the FI
Read more