By signing a USD 2.1 billion facility, the Ladbrokes Coral merger and liquidity in the first years of the new company was just ensured.
Ladbrokes signed a GBP 1.35/EUR 1.8 billion facility to fund the merger with rival land-based and online betting, bingo and casino operator Gala Coral Group, latest gambling news report. This facility will ensure the liquidity of the future company in its first years. The facility will be provided by the company’s partner banks for the Ladbrokes Coral merger.
Chief financial officer Ian bull said, “I am pleased that our relationship banks have shown strong support in putting in place a significant size facility at similar pricing to our current facilities.” He added, “We believe that this facility will provide sufficient liquidity to an enlarged Ladbrokes Coral group following the merger.”
British-based betting and gaming company Ladbrokes officially announced this summer that merger talks with rival Gala Coral group have started. Online casino news reported in July 2015 that an agreement on the deal was reached.
The facility has three tranches with the first, a GBP 600 million facility, becoming available in October 2016, after the Ladbrokes Coral merger happened. The transformed company is expected to take shape late 2015 or early 2016.
The name of the new company will be Ladbrokes Coral. Ladbrokes chief executive Jim Mullen will be the new company’s CEO. Experts of gambling facts might know that Gala Coral group has a considerable debt. However this debt won’t be transferred to the new company after the Ladbrokes Coral merger.
Ladbrokes also ensured another deal recently. The online gambling firm became one of the official partners of the Australian National Basketball League (NBL). In the 2015-16 season, Labdrokes will be the official online sports betting partner of the NBL.
Ladbrokes was founded in 1886 and today is the largest betting company in the UK. It is also considered as the no. 1 retail bookmaker in the world with more than 2,400 retail betting shops only in the UK and Ireland. Ladbrokes operates several online sportsbooks in the UK, as well as online casinos, online poker rooms and online bingo sites.