William Hill launches £350m Corporate Bond
William Hill PLC (William Hill or the Group) (LSE: WMH), announces the launch of a corporate bond (the "Bonds") to institutional investors.
The Bonds will be issued with a coupon of 4.875% and for an aggregate principal amount of £350m. The proceeds of the Bonds, which will mature in 2023, will be used to refinance the Company's existing debt and for its general corporate purposes.
The issue of the Bonds will strengthen the Group's balance sheet by lengthening the maturity profile of its borrowings and, once the £300m 7.125% Guaranteed Notes due 2016 have been repaid, reduce its financing costs.
The Bonds were priced today and are expected to be issued on or about 27 May 2016.