William Hill negotiating the re-financing of its debt


One of the problems that William Hill plc CEO Ralph Topping inherited when he took over the UK online and land gambling group earlier this year was the extensive debt burden the firm is carrying. In an increasingly credit-restricted economy the company was this week negotiating the re-financing of GBP 1.2 billion of its debt with leading British and American banks, reports The Times newspaper.

William Hill has also appointed debt-advisory specialists, believed to be from KPMG, to assist in the discussions, which it hopes to conclude before the release of its preliminary results in February.

The Times opines that William Hill investors are likely to welcome the move as fears grow that credit will be increasingly hard to come by for even the most solid of firms as the economy worsens and debt markets remain frozen.

Shares in William Hill have declined by more than 60 percent over the past year to 208p, reports The Times, commenting that this is largely over concerns about its debt exposure. The company is valued at GBP 726 million against debt of GBP 1.4 billion – GBP 1.2 billion of which matures in 2010. This is largely a legacy of a GBP 500 million deal to buy Stanley Leisure's betting shops in 2005 and a share buy-back that followed.

General Gambling News

Login to post a comment:


 
 

Click Here to register a new account
 
 

What's going on right now!

4mins ago someone from Australia Australia played Aladdin & The Wild Genie

Casino Community

Share this page on:
Follow LCB on:
Follow LCB

In the last 24h

  • New Members
    24
  • Members Online
    296
  • Guests
    1,668
  • New Posts
    244

Totals

Casino Of The Month

Casino of the Month

Casino Software

Highest Community Rated Online Casinos
138SunGame
  (24 Ratings)
Jackpot Party
  (32 Ratings)
NextCasino
  (93 Ratings)
Bet365 Games
  (109 Ratings)
CasinoLuck
  (157 Ratings)
Slotty Vegas
  (41 Ratings)
Betsson Casino
  (143 Ratings)
Guts Casino
  (109 Ratings)
Intertops Casino Classic
  (62 Ratings)
Conan Casino
  (13 Ratings)
Redbet Casino
  (84 Ratings)
Betsafe Casino
  (117 Ratings)
Spin Palace Casino
  (78 Ratings)
Unibet Casino
  (86 Ratings)
Thrills Casino
  (81 Ratings)
ComeOn Casino
  (161 Ratings)
32 Red Casino
  (183 Ratings)
Uptown Aces
  (44 Ratings)
Mr Green Casino
  (214 Ratings)
3Dice Casino
  (152 Ratings)
Liberty Slots Casino
  (104 Ratings)
Casino Saga
  (66 Ratings)
Jetbull Casino
  (61 Ratings)
BETAT Casino
  (127 Ratings)
Mummys Gold Casino
  (109 Ratings)
Casumo
  (74 Ratings)
River Nile Casino
  (65 Ratings)
Winner Casino
  (282 Ratings)
Sin City Casino
  (61 Ratings)
Ruby Fortune Casino
  (101 Ratings)