GVC reprices and relocates its corporate debt holdings

Issuing a corporate filing, the governance of FTSE250 GVC Holdings Plc has today disclosed that it has sanctioned the repricing and reallocation of its existing $786 million (€720m) first-lien term corporate debt bond.

Updating investors, GVC details that it has undertaken the transaction to ‘simplify its corporate debt structure’, which will see the debt-bond placement transferred to its wholly-owned GVC Holdings Gibraltar Ltd subsidiary.

Securing its transaction, GVC Holdings Gibraltar will maintain a total of €1.12 billion of the betting group’s corporate debt placement. GVC informs investors that its corporate debt reallocation has been secured under ‘leverage neutral terms’.

Issuing a transaction notice, GVC Group Holdings CFO Rob Wood commented: “The repricing is another demonstration of the Group’s increasing standing in the international debt markets, and I would like to personally thank our lenders for their continued support.”

GVC’s debt repricing and reallocation follow a period of significant structural changes for the FTSE firm.

This February, GVC governance secured investor rights allowing the firm to transfer its management control and corporate tax residency from the Isle of Man to its London HQ.

In its notice, GVC detailed that its enlarged global enterprise required further flexibility in its boardroom control functions, which had become constrained by Isle of Man requirements.

Check Also

LeoVegas puts forward Per Norman to lead new-look board 

LeoVegas AB has confirmed that it will propose a number of corporate changes at the …

SBC Noticias Newsletter

SBC Noticias launches daily newsletter

SBC Noticias is launching a daily newsletter, delivering the latest news, interviews and analysis on …

ATP Tennis makes virtual sports debut with IMG ARENA

Tennis’ ATP Tour will launch its first virtual sports product after expanding its longstanding partnership …