Ladbrokes plc have announced new debt facilities with their banks.
The gambling giants have agreed five-year facilities totalling £540m, which are set to mature in 2016. The new arrangements will replace their existing £560m facilities which had been due to mature in 2013.
The company say the facilities will provide them with “adequate headroom†once they have redeemed a £131m bond in July 2012. The firm also have a further £225m bond which is set to mature in 2017. The new blended rate of interest is expected to be 7.5% in 2012.
Ladbrokes chief financial officer Ian Bull said: "We are pleased to have extended the maturity profile of our debt with these new facilities and welcome the support our lenders have shown in the business.
"The new arrangements, together with our proven track record for strong cash generation, mean the business is on a strong footing as we continue to invest in our plan to reinvigorate Ladbrokes."
