William Hill to Seek More Cash – November 13th, 2009

The online and land gambling group William Hill plc is to take further measures to extend its banking covenants, specifically the issue of GBP 300 million in corporate bonds.

With an issue date of 12 November 2009, the income from the bonds will serve to extend the bookmakers’ existing banking facilities due to expire in 2011 by five years, and raise its coverage to GBP 838 million.

The bond issue follows a GBP 350 million share issue in April this year (see previous OCR  reports) which was used to restructure GBP 1.2 billion of debt due to mature in March 2010.