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GVC Holdings moves funds between term loans, flexes U.S. pricing
By Sara Rosenberg
New York, March 15 – GVC Holdings plc upsized its U.S. six-year covenant-light first-lien term loan B to $800 million from $400 million, downsized its euro six-year covenant-light first-lien term loan B to €625 million from €900 million and downsized its British pound six-year covenant-light first-lien term loan B to £275 million from £325 million, according to a market source.
Also, pricing on the U.S. term loan was lowered to Libor plus 250 basis points from Libor plus 275 bps and the original issue discount was changed to 99.75 from 99.5, the source said.
The U.S. term loan continues to include a 1% Libor floor.
The euro term loan remained priced at Euribor plus 275 bps with a 0% floor and a discount of 99.5 and the sterling term loan is still priced at Libor plus 350 bps with a 0% Libor floor and a discount of 99.5.
All of the term loans have 101 soft call protection for six months.
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 for the U.S. loan were scheduled to be due at 5 p.m. ET on Thursday, and commitments for the euro and sterling term loans were scheduled to be due at 1:30 p.m. ET on Thursday, the source added.
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.
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