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

Recommended

Imperial Brands has an 8.3% yield – but what’s the catch?
Share tips

Imperial Brands has an 8.3% yield – but what’s the catch?

Tobacco company Imperial Brands boasts an impressive dividend yield, and the shares look cheap. But investors should beware, says Rupert Hargreaves. H…
20 May 2022
Investing in drugmakers: uncommon profits from curing rare diseases
Share tips

Investing in drugmakers: uncommon profits from curing rare diseases

Treatments for medical conditions with only a small number of sufferers can still be very attractive for pharmaceutical companies and investors becaus…
20 May 2022
Share tips of the week – 20 May
Share tips

Share tips of the week – 20 May

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
20 May 2022
Delivering profits: should you buy Royal Mail shares?
Share tips

Delivering profits: should you buy Royal Mail shares?

The volume of parcels delivered by Royal Mail soared during the pandemic, and so did its profits. But it has been coming under pressure lately. So, as…
19 May 2022

Most Popular

The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves looks at the FTSE 100’s top yielding stocks for income investors to consider.
18 May 2022
Aviva: a share for income investors to tuck away
Share tips

Aviva: a share for income investors to tuck away

Insurance giant Aviva is one of the highest yielding stocks in the FTSE 100 – and it’s cheap, too, making it a tempting target for income investors. R…
18 May 2022
Despite the crypto crash, bitcoin still has a bright future
Bitcoin & crypto

Despite the crypto crash, bitcoin still has a bright future

Cryptocurrencies have crashed hard, with bitcoin down by more than 50% from its peak. But, says Dominic Frisby, bitcoin still has a future – it is the…
19 May 2022