Unibet Group plc has signed an agreement with a leading international bank for a 12 month Revolving Credit Facility with a maximum value of EUR 24,000,000. The new facility will among other things be drawn to cover the early redemption of the Bonds with an outstanding amount of EUR 65.8 million. Through the early redemption of the Bonds, Unibet expect to save between EUR 4,000,000 and 5,000,000 in Finance Costs during the facility’s duration compared to holding the Bonds to maturity. This saving includes early redemption costs of approximately EUR 1,400,000 in the fourth quarter of 2009. In addition to the between EUR 4,000,000 and 5,000,000 saving in Finance Costs, a significant benefit of the early redemption of the Bonds is that the foreign currency volatility in the Income statement caused by the previous Bond facility will now be mitigated. Unibet was advised in this transaction by Oreum Advokatbyrå.
Unibet Group plc secures Revolving Credit Facility of EUR 24 million
Thu, 19 Nov, 2009 07:30 CET