The management of FTSE250 GVC Holdings Plc on Tuesday announced, issuing a regulatory statement, that it has approved the reprocessing and reallocation of its current $786 million (€ 720 m) corporate debt bond in the first-term.
Updating creditors, GVC governance explains it has undertaken the transaction to’ simplify its corporate debt structure’ which will see the debt-bond placement moved to its wholly-owned subsidiary GVC Holdings Gibraltar Ltd.
GVC Holdings Gibraltar must hold a total of € 1.12 billion of corporate debt placement by the betting company to finance the deal.
GVC governance tells creditors that under’ leverage neutral terms’ the corporate debt reallocation has been secured.
Rob Wood GVC Holdings Group CFO releasing a transaction notice said: “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.”
The restructuring and reallocation of GVC’s debt follow a period of major structural improvements for the FTSE business.
GVC Governance won investor rights this February enabling the company to move its management power and corporate tax citizenship from the Isle of Man to its London headquarters.
GVC explained in its notice that its expanding global business required additional flexibility in its boardroom control functions which had become limited by Isle of Man requirements.