GVC agrees €320m secured term, revolving facility

Sports betting and gaming group GVC said it had signed a €320m (£274m) senior secured term and revolving facility made up of a €250m term loan and a €70m revolving credit facility (RCF).

The term loan represents GVC's first entry into the syndicated debt market and was “significantly oversubscribed”, the company said.

The senior secured loan has been agreed at 3.25% above Euribor with a maturity of six years. The RCF is 2.75% above Euribor on drawn amounts with a five year maturity.

GVC said there were “no plans” to draw on the RCF at this time. It will use the loan to pay off a one year €250m facility from Nomura secured last October.

The annualised percentage cost of the Facility, including interest and fees, is below that of the Nomura loan which will be repaid in full on the drawdown of the Term Loan.

"The long-term refinancing provides greater visibility and security in terms of our debt facilities,” chief executive Kenneth Alexander.

“Access to a broader debt investor base is important given the ongoing consolidation in the gaming industry, particularly given the Group's proven track record of successful M & A."