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GVC Holdings closes 250 million unsecured loan agreement with Nomura
By Tali Rackner
Norfolk, Va., Aug. 2 GVC Holdings plc entered into a 250 million unsecured loan agreement with Nomura International plc, according to a filing with the London Stock Exchange.
Initial interest is Libor plus 200 basis points with no Libor floor.
The loan is expected to mature one year from the signing date, which will be on Oct. 31. It may be extended by six or 12 months after the initial maturity date.
The funds are anticipated to be drawn down on or around Feb. 1, 2017. In the 12 months following the drawdown, GVC's annual cash interest savings are expected to amount to about 43.3 million, an equivalent saving of roughly 0.148 per share (before tax) or about 12 pence per share, the filing said. GVC will also benefit from a reduction in financing fees.
Proceeds will be applied toward the repayment of the companys secured 400 million term loan facility with Cerberus Business Finance, LLC, of which 386.5 million is outstanding as of Aug. 1.
As of July 24, the company had net debt of 154.3 million.
GVC Holdings is an online gambling company based in Isle of Man.
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