Debt information

As at 31 December 2016, the net debt was £1,089.5m.

Available debt facilities

At 28 March 2017

Facilities information

Year 2019 2019 2020 2022 2023
Currency GBP GBP GBP GBP GBP
Quantum available £176m £350m £400m £100m £400m
Interest rate Private
bank
agreements
Private
bank
agreements
Private
bank
agreements
5.125% 5.125%
Maturity date 08/01/2019* 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 four extension options to 8 January 2019.

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.

As at 31 December 2016 the ratios for covenant calculation purposes were:

  • 2.88x net debt to EBITDA
  • 5.53x EBITDA to net finance costs
Ladbrokes Coral Group plc

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