23rd May 2014 12:56
LONDON (Alliance News) - UK betting firm William Hill PLC said Friday that it has signed a new bank loan agreement, for a five-year multi-currency revolving credit facility for GBP540 million, with a syndicate of banks.
William Hill said the new facility, which expires in May 2019, will replaces the group's existing revolving credit facility, which was due to expire in November 2015.
"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," said Group Finance Director Neil Cooper in a statement.
William Hill said it that as a result of the new deal, it will incur around GBP2 million of one-off non-cash exceptional costs, due to the accelerated amortisation of the fees related to the replaced deal.
Shares in the FTSE 100 listed betting group were trading 1.2% lower Friday afternoon, at 333.50 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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