Slaughter and May advised Ladbrokes plc - entry into a new £1.35 billion facility with syndicate of relationship banks

This follows the announcement by Ladbrokes on 24 July 2015 that Ladbrokes and Gala Coral Group Limited (Gala Coral) have agreed the terms of a recommended merger of Ladbrokes with certain businesses of Gala Coral. Slaughter and May is advising on the terms and implementation of the proposed merger.

The new facility has three tranches and will be available for drawing subject to completion of the merger:

  • Tranche A: £600m term facility due to mature in October 2016 and, subject to extension options, January 2018
  • Tranche B: £400m revolving credit facility due to mature in October 2020
  • Tranche C: £350m revolving credit facility due to mature in June 2019

The intention is for Ladbrokes’s remaining standalone £350 million June 2019 bank facilities to be cancelled as a condition precedent to drawing under the new facility.

Slaughter and May worked closely with Ladbrokes’s Treasury and in-house Legal team.

Ian Johnson Partner
Andy Ryde Partner
Gareth Miles Partner
Sarah Osprey Associate