William Hill launches corporate bond sale

William Hill is launching a corporate bond sale to institutional investors to raise about 375m pounds to help repay loans on acquisitions.

William Hill is launching a corporate bond sale to institutional investors to raise about 375m pounds to help repay loans on acquisitions.

The betting and gaming company said the proceeds of the seven-year bonds will be used to repay £275m of short-term bridge loans taken on to part fund the acquisition of Sportingbet Australia and the acquisition of Playtech's 29% stake in William Hill Online.

The remainder of the funds will be used to clear down outstanding amounts under the group's revolving credit facility.

"The issue of the bonds further strengthens the group's balance sheet by diversifying its sources of debt funding and lengthening the maturity profile of its borrowings," the group said in a statement.

The bonds will be issued with a coupon of 4.25% in an aggregate principal amount of £375m. The bonds were priced Friday and are expected to be issued around June 5th.

William Hill's net debt stood at £742m on April 2nd.

Shares rose 1.2% to 440.20p at 15:50 Friday.

RD

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