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Gala Coral Group lifts seven-year term loan B size to £825 million
By Sara Rosenberg
New York, May 19 - Gala Coral Group increased its seven-year term loan B to £825 million from £800 million, according to a market source.
Price talk on the term loan B is Libor plus 500 basis points with a par offer price.
The company's now £925 million senior secured credit facility, up from £900 million, also includes a £100 million revolver.
Barclays Capital Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co., Morgan Stanley & Co. Inc. and Deutsche Bank Securities Inc. are the lead banks on the deal, with Barclays the left lead.
Proceeds will be used to refinance/reprice an existing senior secured credit facility.
Other funds for the refinancing will come from £350 million of senior secured notes, upsized from £250 million, and £275 million of senior notes, downsized from £400 million.
Gala Coral Group is a London-based gambling company.
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