William Hill launches £350m corporate bond

William Hill announced the launch of a £350m corporate bond to institutional investors with a coupon of 4.875% to refinance its existing debt and for general corporate purposes.

The bookie said the issue of the bonds will strengthen its balance sheet by lengthening the maturity profile of its borrowings and, once the £300m 7.125% guaranteed notes due 2016 have been repaid, reduce its financing costs.

The bonds, which will mature in 2023, were priced on Friday and are expected to be issued on or about 27 May.

At 1543 BST, William Hill shares were up 0.9% to 308.70p.