ne gambling firm GVC Holdings has raised a €320m leveraged loan, making the company’s first venture into the syndicated debt markets in order to get cheaper, longer term financing.

In an announcement, the listed-company detailed the new financing plan will repay a €250m short-term unsecured loan facility from Nomura with a €70m revolving credit facility that was put in place in October 2016 to repay in part a €400m loan provided by Cerberus Business Finance.

Cerberus’ load was originally agreed in September 2015 to back GVC’s February 2016 acquisition of Bwin.party Digital Entertainment.

Nomura took a lucrative lead role on the €320m syndicated loan as mandated lead arranger and sole physical bookrunner, whilst Bank of Ireland, Deutsche Bank and Mediobanca were MLAs and bookrunners.

In a statement GVC states: “Given the group’s proven track record of creating value through M&A and ongoing industry consolidation, securing long-term finance and access to a broader base of debt investors is an important development for GVC.” Adding: “There are no plans to draw on the RCF at this time.”

GVC CEO Kenneth Alexander comments: “The long-term refinancing provides greater visibility and security in terms of our debt facilities. To have completed our inaugural institutional loan market financing and to have been significantly oversubscribed is a reflection of the progress made by GVC.”

“Furthermore, access to a broader debt investor base is important given the ongoing consolidation in the gaming industry, particularly given the Group’s proven track record of successful M&A.”