Debt information

As at 30 June 2016, the net debt was £227.2m.
Net debt at 30 June 2016 adjusted for the merger was £1,131.6m.

Available debt facilities

At 30 November 2016

Facilities information

Year 2017 2018 2019 2020 2022 2023
Currency GBP GBP GBP GBP GBP GBP
Quantum available £225m £176m £350m £400m £100m £400m
Interest rate 7.625% Private
bank
agreements
Private
bank
agreements
Private
bank
agreements
5.125% 5.125%
Maturity date 05/03/2017 08/07/2018* 12/06/2019 08/10/2020 16/09/2022  08/09/2023 

All of the above financing arrangements are on a senior unsecured basis.
* Initial maturity on 8 October 2016, with three extension options to 8 July 2018.

Covenants

All Ladbrokes’ committed bank facilities share the same financial covenants:

  • less than 3.50x net debt to EBITDA. The covenant widens to less than 4.25x for the first three test periods immediately following a Class 1 transaction.
  • more than 3.0x EBITDA to net finance costs

These covenants are calculated semi-annually.
EBITDA includes profit associated with High Rollers business division.

As at 30 June 2016 the ratios for covenant calculation purposes were:

  • 1.32x net debt to EBITDA
  • 6.45x EBITDA to net finance costs
Ladbrokes Coral Group plc

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