GVC Holdings closes €320 million secured term, revolving facility

By Tali Rackner

Norfolk, Va., March 2 – GVC Holdings plc signed a €320 million senior secured term and revolving facility, according to a filing with the London Stock Exchange.

The facility consists of a €250 million six-year term loan and a €70 million five-year revolving credit facility.

Interest is Euribor plus 325 basis points on the term loan and Euribor plus 275 bps on the revolver. Both contain a 0% Euribor floor.

The term loan will benefit from an accordion facility that will allow the incurrence of incremental debt subject to net leverage of no more than 2.25 times the group's EBITDA.

There are no plans to draw on the revolver at this time, the filing said.

Nomura International plc acted as mandated lead arranger and physical bookrunner of the term loan. Nomura, the Governor and the Co. of the Bank of Ireland, Deutsche Bank AG, London Branch and Mediobanca SpA committed to the revolver and were also appointed mandated lead arrangers and bookrunners on the term loan.

In October, GVC secured a €250 million one-year loan facility from Nomura, with options to extend for an additional six or 12 months, which was partially used to repay the €400 million loan from Cerberus Business Finance LLP associated with the acquisition of bwin.party digital entertainment plc. That loan provided a short-term facility at a reduced overall cost from that associated with the Cerberus loan.

GVC Holdings is an online gambling company based in Isle of Man.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.