Restructured Gala Coral launches £1.55bn refinancing with generous margins

Gala Coral, the UK gambling company that finalised the restructuring of its £2.5bn debt in June 2010, launched a £1.55bn refinancing on Thursday following a bank meeting. The debt comprises £900m of leveraged loans and £650m of high yield bonds.

  • 06 May 2011

Margins on most of the loans are set at 500bp — above average for 2011 deals — reflecting the company’s recent problems. But bankers and investors are confident syndication will go smoothly.

The remainder of the loan is a six year revolving credit for £100m that will pay 400bp ...

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GlobalCapital European securitization league table

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2 Rabobank 35.35
3 Morgan Stanley 11.45
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Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 SG Corporate & Investment Banking 1,260.06 2 126,006,164,037.19%
2 Rabobank 1,081.86 1 108,185,922,974.77%
3 Wells Fargo Securities 430.57 1 43,057,020,785.00%
4 SK Securities 192.86 1 19,286,162,593.99%
4 Meritz Financial Group Inc 192.86 1 19,286,162,593.99%