WillHill considers issuing bonds to raise cash


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

Login to post a comment:


 
 

Click Here to register a new account

What's going on right now!

3mins ago someone from United States read article Serbia Announces Regulation of Online Gambling

Casino Community

Share this page on:
Follow LCB on:
Follow LCB

Casino Of The Month

Casino of the Month

In the last 24h

Totals

  • New Members
    22
  • Members Online
    415
  • Guests
    1,787
Highest Community Rated Online Casinos
BETAT Casino
  (207 Ratings)
SlotsMillion
  (67 Ratings)
32 Red Casino
  (336 Ratings)
Guts Casino
  (195 Ratings)
Club USA Casino
  (270 Ratings)
Mr Green Casino
  (298 Ratings)
Buzzluck Casino
  (169 Ratings)
Lucky Red Casino
  (218 Ratings)
Videoslots.com
  (158 Ratings)
NextCasino
  (164 Ratings)
Bet365 Games
  (183 Ratings)
Bohemia Casino
  (11 Ratings)
Unibet Casino
  (155 Ratings)
CasinoLuck
  (240 Ratings)
Betsson Casino
  (228 Ratings)
Betsafe Casino
  (200 Ratings)
Redbet Casino
  (165 Ratings)
Spin Palace Casino
  (124 Ratings)
Casino Extreme
  (175 Ratings)
Slotty Vegas
  (120 Ratings)
Intertops Red Casino
  (130 Ratings)
ComeOn Casino
  (263 Ratings)
Sin City Casino
  (110 Ratings)
Vera John Casino
  (189 Ratings)
Intertops Casino Classic
  (117 Ratings)
Thrills Casino
  (145 Ratings)
Winner Casino
  (357 Ratings)
Ladbrokes Casino
  (160 Ratings)
Slotland
  (324 Ratings)
Voglia di Vincere
  (6 Ratings)


Follow LCB on Facebook Follow LCB on Twitter Follow LCB on Pinterest Follow LCB on Google plus