Gala shrinks ultra-low rated unsecured bond, offers 11.5%
UK gambling company Gala Coral on Thursday changed the structure of its planned bond issue to a more conservative one, offering a higher proportion of secured paper, and lowered the overall size of the issue from £650m to £625m. It will raise the extra £25m of debt through its parallel loan issue.
The lead managers have also released price talk. Credit Suisse and Barclays are global co-ordinators, with Goldman Sachs, Morgan Stanley, Deutsche Bank and HSBC also bookrunning.
The eight year senior unsecured tranche has been shrunk from £400m to £275m, with price guidance of around 11.5%. The seven year secured
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