The deal replaces the group's existing revolving credit facility

William Hill finalizes new banking deal

2014-05-26
Reading time 47 seg
(UK).- British bookmaker William Hill announced last Friday that it has signed a new five-year loan agreement with a bank union. The multi-currency revolving credit facility is worth 667 million euros and will expire in May 2019. It replaces the group's existing revolving credit facility, which was due to expire in November 2015.

“We are pleased to have completed this deal both with the support of our relationship banks and with two new lenders to the group,” William Hill group finance director Neil Cooper said. “This transaction extends the group's debt maturities, strengthening the group's balance sheet position and slightly reduces projected bank financing costs compared to the current facility.”


The initial margin under the new facility is expected to be lower than the current margin under William Hill's existing facility. The facility is unsecured, but the lenders have benefited from a guarantee from the principal operating subsidiaries of the bookmaker.

William Hill expects to pay about US$ 7.5 million in arrangement and participation fees and associated costs, charged over the course of the loan period, and the bookmaker will incur about US$ 3.3 million of one-off, non-cash exceptional costs arising from the accelerated amortisation of the fees.

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