3 Nov 2016 16:37
THIS ANNOUNCEMENT IS NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES OR IN ANY OTHER JURISDICTION IN WHICH OFFERS OR SALES WOULD BE PROHIBITED BY APPLICABLE LAW
3 November 2016
LADBROKES GROUP FINANCE PLC
PROPOSED ISSUE OF £400,000,000 5.125% GUARANTEED NOTES DUE 2023
Ladbrokes Coral Group plc ("Ladbrokes Coral" or the "Guarantor") announces that its subsidiary, Ladbrokes Group Finance plc (the "Issuer") intends to issue £400,000,000 in aggregate principal amount of notes (the "Notes"), to be guaranteed by Ladbrokes Coral. The Notes will bear interest at the rate of 5.125 per cent. per annum, payable semi-annually in arrear. The Notes will be issued at 100 per cent. of their principal amount and, unless previously redeemed or purchased and cancelled, will be redeemed at 100 per cent. of their principal amount, together with any accrued and unpaid interest, on their maturity date of 8 September 2023.
Settlement of the Notes is expected to occur on 8 November 2016.
Ladbrokes Coral intends to use the proceeds of the Notes to refinance existing term debt.
Paul Bowtell, CFO commented:"Following the completion of the merger on 1st November 2016, I am delighted that we were able to successfully price the inaugural bond for Ladbrokes Coral Group yesterday, in line with our strategy to refinance a significant portion of the merger bridge facility soon after the merger completion."
For further information, please contact:
Ladbrokes Group Finance plcImperial HouseImperial DriveRayners LaneHarrowMiddlesex HA2 7JW
Tel: +44 (0)20 8429 7776Attention: Paul Tymms
IMPORTANT NOTICE
This announcement does not constitute or form part of an offer to sell or the solicitation of an offer to subscribe for or otherwise acquire any securities in the United States or in any other jurisdiction. This announcement is not for distribution, directly or indirectly in or into the United States (as defined in Regulation S under the US Securities Act of 1933, as amended (the "Securities Act")). The securities referred to herein have not been and will not be registered under the Securities Act and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.
This communication is directed only at (i) persons who are outside the United Kingdom, or (ii) persons who are in the United Kingdom who are (a) persons who have professional experience in matters relating to investments falling within Article 19(5) of The Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 or (b) otherwise, persons to whom it may otherwise lawfully be directed (all such persons together being referred to as "relevant persons"). This communication is directed only at relevant persons and must not be read, acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this communication relates is available only to relevant persons and will be engaged in only with relevant persons.
END