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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