GVC reprices and relocates its corporate debt holdings
Issuing a corporate filing, the governance of FTSE250 GVC Holdings Plc has today disclosed that it has sanctioned the repricing and reallocation of its existing $786 million (€720m) first-lien term corporate debt bond.
Updating investors, GVC governance details that it has undertaken the transaction to ‘simplify its corporate debt structure’, which will see the debt-bond placement transferred to its wholly-owned GVC Holdings Gibraltar Ltd subsidiary.
Securing its transaction, GVC Holdings Gibraltar will maintain a total of €1.12 billion of the betting group’s corporate debt placement.
GVC governance informs investors that its corporate debt reallocation has been secured under ‘leverage neutral terms’.
Issuing a transaction notice, Rob Wood GVC Holdings Group CFO commented; “The repricing is another demonstration of the Group’s increasing standing in the international debt markets, and I would like to personally thank our lenders for their continued support.”
GVC’s debt repricing and reallocation follow a period of significant structural changes for the FTSE firm.
This February GVC governance secured investor rights allowing the firm to transfer its management control and corporate tax residency from the Isle of Man to its London HQ.
In its notice, GVC detailed that its enlarged global enterprise required further flexibility in its boardroom control functions, which had become constraint by Isle of Man requirements.
Source: SBC News