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.
Did you know
Our vision is to be the UKs best digital business to work for
We handle over 11 million transactions on a Saturday afternoon.
We’re an £800 million business