Refinancing our long term loan
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Sky Betting & Gaming has continued to experience strong growth since CVC Capital Partners acquired an 80% stake in March 2015. In the 12 months to 31 March 2017, revenue growth was 46% to £488 million. As a result of the strong financial performance, the shareholders have undertaken a review of the company’s capital structure, and in June 2017 Sky Bet fully redeemed a Sky vendor loan note, and commenced a refinancing process for its term loan.
Today Sky Bet announces that it has entered into commitments in respect of a new £820 millionequivalent loan which is expected to close in August 2017. Demand for the loan was very strong, with both the £475 million sterling tranche and $450 million dollar tranche being significantly oversubscribed. The recapitalisation will generate excess funds that will be available for distribution to shareholders. Sky Bet is a leading operator in the U.K.'s online betting and gaming market, with brands encompassing Sky Bet, Sky Vegas, Sky Casino, Sky Bingo, Sky Poker, and Oddschecker.
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