GVC Holdings sets price talk on £1.4 billion equivalent term loans

By Sara Rosenberg

New York, March 5 – GVC Holdings plc released price talk on its £1.4 billion equivalent six-year covenant-light first-lien term loan B debt in connection with its London bank meeting on Monday, according to a market source.

A bank meeting for U.S. investors will take place at 10 a.m. ET in New York on Tuesday.

The $400 million term loan B is talked at Libor plus 275 basis points with a 1% Libor floor and an original issue discount of 99.5, the €900 million term loan B is talked at Euribor plus 275 bps with a 0% floor and a discount of 99.5 and the £325 million term loan B is talked at Libor plus 350 bps with a 0% Libor floor and a discount of 99.5, the source said.

All of the term loans have 101 soft call protection for six months.

Sizes of the U.S., euro and sterling term loan B tranches are indicative amounts.

The company’s credit facilities also include a £550 million equivalent multi-currency five-year revolver.

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

Commitments are due on March 15.

Proceeds will be used to help fund the acquisition of Ladbrokes Coral Group, to refinance existing debt at Ladbrokes and for general corporate purposes.

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

© 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.