LONDON (Alliance News) - Bookmaking firm Paddy Power Betfair PLC said Monday it has secured an additional loan facility of GBP250 million, to provide the company with further strategic financial flexibility.
The facility will add to Paddy Power's existing GBP450 million five-year revolving credit facility, and brings the group's total available committed bank loan facilities to GBP700 million.
The new facility runs for an initial period of 18 months while the GBP450 million loan facility still runs until April 2023.
Paddy Power said that there is no material change to its effective cost of debt as a result of the additional facility.
Shares in Paddy Power Betfair were down 1.3% at 5,898.00 pence on Monday.
