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.
Margins on most of the loans are set at 500bp above average for 2011 deals reflecting the companys 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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