Ladbrokes agrees new £540m debt facility

Ladbrokes agrees new £540m debt facility

Monday, December 5, 2011 Totally Gaming

Betting firm Ladbrokes has agreed a new five-year £540 million debt facility with its banks. Britain's second-biggest bookmaker said the new facility would mature in 2016, and replace its existing £560 million facility that was due to mature in 2013.

Ladbrokes' chief financial officer Ian Bull said in a statement: "The new arrangements, together with our proven track record for strong cash generation, mean the business is on a strong footing as we continue to invest in our plan to reinvigorate Ladbrokes."

The company estimates that the new blended rate of interest for the group will be 7.5 percent in 2012.

Analysis:

  • Ladbrokes recently pulled out of talks to buy online rival Sportingbet and aborted takeover discussions with 888 earlier in the year
  • The company reported an increase in third-quarter underlying operating profit, helped by a rise in winnings from gambling machines
  • Shares in the British bookmaker have risen 2.6 percent in the last three months, with the value of the business now standing at around £1.2 billion pounds
     
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