Issuing a market filing, FTSE100 betting group Paddy Power Betfair (PPB) has confirmed it has added an additional £250 million to its corporate loan facility.
Updating investors, PPB governance details that it has expanded its corporate loan facility to gain ‘further strategic financial flexibility’.
The firm’s latest transaction will be added to PPB’s existing £450 million five-year revolving credit facility, taking the FTSE group’s total available committed bank loan capacity to £700 million.
Further terms will see the loan facility made available to PPB governance for an initial period of 18-months, with FTSE enterprise allowed to extend the transaction for a further 1-year.
Closing its update, PPB governance underlines that the transaction will have no material change on the group’s effective cost of debt as a result of any additional facility.
The firm’s balance sheet remains at a leverage range of between1x and 2x net debt to EBITDA ratio.
Next, on PPB’s schedule, the company will host its Annual General Meeting on Wednesday 15 May (11 am), where shareholders are set to vote on rebranding the enterprise to ‘Flutter Entertainment Plc’ – representing the firm’s new global identity.