GVC secures €320m in long-term financing

GVC Holdings has signed a €320 million ($337 million) senior secured term and revolving facility. The financing comprises a €250 million term loan and a €70 million revolving credit facility. Confirmation of the new facility comes after GVC in October secured a one-year €250 million loan facility from Nomura International, which was used in part to repay a €400 million loan provided by Cerberus Business Finance LLP associated with the acquisition of bwin.party. GVC said the Nomura Loan provided a short-term facility at a reduced overall cost from that associated with the Cerberus Loan. The firm added that it has now secured long-term and increased debt facilities. Kenneth Alexander, chief executive of GVC, said: “The long-term refinancing provides greater visibility and security in terms of our debt facilities. “To have completed our inaugural institutional loan market financing and to have been significantly oversubscribed is a reflection of the progress made by GVC. “Furthermore, access to a broader debt investor base is important given the ongoing consolidation in the gaming industry, particularly given the group's proven track record of successful M&A.” Related article: GVC soars after strong close to ‘landmark’ 2016