GVC to launch £1.95 billion-equivalent facilities in March 5 week

By Sarah Lizee

Olympia, Wash., March 1 – GVC Holdings plc is scheduled to hold a bank meeting at 9:30 a.m. GMT in London on Monday and a bank meeting at 10 a.m. ET in New York on Tuesday to launch £1.95 billion-equivalent of credit facilities, according to a market source.

The facilities consist of a £550 million-equivalent multi-currency revolving credit facility and £1.4 billion-equivalent six-year covenant-light first-lien term loan B, the source said.

The term loan B will consist of €900 million, £325 million and $400 million tranches.

Included in the term loan B is 101 soft call protection for six months.

The revolver will have a springing leverage covenant.

Deutsche Bank, Credit Suisse, Barclays, Mediobanca, Natwest Markets are bookrunners for the deal with Deutsche on the left for the euro and sterling tranches and Credit Suisse on the left for the dollar tranche. Nomura and Santander are mandated lead arrangers.

Proceeds from the term loan B will be used to finance the cash consideration payable to Ladbrokes Coral Shareholders, refinance existing debt of the Ladbrokes Coral Group and pay some costs and expenses. Proceeds from the revolver will be used for general corporate purposes.

Commitments are due March 15, the source added.

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

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