William Hill negotiating the re-financing of its debt

One of the problems that William Hill plc CEO Ralph Topping inherited when he took over the UK online and land gambling group earlier this year was the extensive debt burden the firm is carrying. In an increasingly credit-restricted economy the company was this week negotiating the re-financing of GBP 1.2 billion of its debt with leading British and American banks, reports The Times newspaper.

William Hill has also appointed debt-advisory specialists, believed to be from KPMG, to assist in the discussions, which it hopes to conclude before the release of its preliminary results in February.

The Times opines that William Hill investors are likely to welcome the move as fears grow that credit will be increasingly hard to come by for even the most solid of firms as the economy worsens and debt markets remain frozen.

Shares in William Hill have declined by more than 60 percent over the past year to 208p, reports The Times, commenting that this is largely over concerns about its debt exposure. The company is valued at GBP 726 million against debt of GBP 1.4 billion – GBP 1.2 billion of which matures in 2010. This is largely a legacy of a GBP 500 million deal to buy Stanley Leisure's betting shops in 2005 and a share buy-back that followed.

lcb activities in the last 24 hours

  • 46
    new members
  • 634
    members online
  • 14161
    guests online
  • 146
    new posts
  • 2646
    free games played
Join the club

Highest Community Rated Online Casinos

Swipe left or right to see more

Latest forum posts

Join today and start earning rewards

You will immediately get full access to our online casino forum/chat plus receive our newsletter with news & exclusive bonuses every month.
S logo

Report to moderator

Use this function to inform the moderators and administrator of an abusive or wrongly posted message.

Please note that your email address will be revealed to the moderators if you use this

Select Language
Search Results