Online gambling group GVC Holdings plc has announced a Euro 50 million increase in the term loan element of its Senior Secured Term and Revolving Facility, originally signed in March 2017. The facility now comprises a Euro 300 million term loan and a Euro 70 million revolving credit facility.
The additional Euro 50 million raised will be used for potential bolt-on acquisitions and general corporate purposes, the company said in a stock exchange announcement Thursday, adding that there are no plans to draw on the revolving credit facility at this time.
Some additional enhancements have been incorporated: the interest rate on the term loan has been reduced by 50bp to 275bp above Euribor with a zero percent floor and the accordion facility, which allows the incurrence of incremental debt subject to a net leverage test, has been increased from 2.25 to 3.5x.
Paul Miles, CFO at GVC Holdings, said:
“The amended financing represents a logical development in the enhancement of our lending facilities and reflects our increasing standing in the international debt markets.”