12th of October 2009 Author: Ava Jackuard
ntention is apparently to reduce GBP 850 million debt burden
THe UK-based gambling giant William Hill plc is considering the issue of bonds to raise as much as GBP 200 million in cash from investors, the Financial Times reported over the weekend, pointing out that as recently as February 2009 the company had raised GBP 350 million in a rights issue .
The intention is apparently to use the new money to reduce the company's GBP 850 million debt burden, insiders told the FT.
Sources said that the company was in the preliminary stages of negotiations with British banks, and that the final amount of the bond had not yet been decided, but could be as high as GBP 200 million. It is understood that Citigroup has been appointed to review options.
Last week rival gambling group Ladbrokes plc launched a GBP 286 million rights issue in order to attack its GBP 960 million debt pile.
The FT notes that Brit bookies have been hit by heavy losses on football this season, where there have been fewer drawn matches, giving punters better chances to back a winner.
William Hill and Ladbrokes both plan to cut costs by moving their online sports betting operations to Gibraltar, where a more benign tax regime will enable them to better compete with offshore rivals.
General Gambling News
27th of May 2010
3rd of August 2009
8th of February 2016
20th of January 2016
22nd of December 2015
6th of February 2016
15th of January 2016
Disclaimer Contact Us Privacy Gambling Help About Us Site Map
LatestCasinoBonuses.com © 2006-2016
Join now for full access to our online casino forum/chat plus receive our newsletter with news & exclusive bonuses every month.
PLUS join now and get...
100% up to $1000 PLUS 25 free spins! Sponsored by ClubUSA Casino, US OK.
View more information here