Last checked at 13 May 2019 10:15
13 May 2019
Paddy Power Betfair plc (the "Group")
Additional Loan Facility
The Group is pleased to announce that it has secured an additional term loan facility of £250m, providing it with further strategic financial flexibility.
This facility is in addition to the Group's existing £450m five-year revolving credit facility and takes the Group's total available committed bank loan facilities to £700m. The £450m facility runs until April 2023 while the new facility is for an initial period of 18 months, with an option to extend this facility further by up to 12 months. There is no material change to the Group's effective cost of debt as a result of this additional facility.
The Group's balance sheet remains strong and we continue to target a medium-term leverage range of between 1x and 2x net debt to EBITDA.
Contacts:
Ivan Kelly, Investor Relations + 353 87 7944 999 / + 353 1 905 1262
David Jennings, Corporate Finance & Investor Relations + 353 87 951 3560 / + 353 1 905 0953
James Midmer, Corporate Communications + 44 20 8834 6843 / + 353 1 903 9106
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