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 VIP Casino review

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
    12
  • Members Online
    319
  • Guests
    2,108
Highest Community Rated Online Casinos
Vera John Casino
  (129 Ratings)
Jackpot Capital
  (97 Ratings)
BetVictor Casino
  (128 Ratings)
Slotland
  (224 Ratings)
Win A Day Casino
  (234 Ratings)
High Noon Casino
  (176 Ratings)
Aladdins Gold Casino
  (141 Ratings)
CasinoEuro
  (91 Ratings)
Slotastic
  (85 Ratings)
Omni Casino
  (156 Ratings)
Platinum Play Casino
  (76 Ratings)
Party Casino
  (93 Ratings)
Red Flush Casino
  (107 Ratings)
GoWild Casino
  (227 Ratings)
Maple Casino
  (73 Ratings)
Casino Action
  (175 Ratings)
Vegas Casino Online
  (133 Ratings)
Club Gold Casino
  (201 Ratings)
GoldenCherry Casino
  (248 Ratings)
La Riviera Casino
  (43 Ratings)
Zodiac Casino
  (69 Ratings)
Win Palace
  (190 Ratings)
Slots Plus
  (111 Ratings)
Casino Titan
  (144 Ratings)
Pamper Casino
  (251 Ratings)
AC Casino
  (188 Ratings)
Cool Cat Casino
  (191 Ratings)
Club Player Casino
  (138 Ratings)
Wild Vegas Casino
  (127 Ratings)
Royal Ace
  (102 Ratings)


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