William Hill seeks to maintain a capital structure which enables us to continue as a going concern and which supports our business strategy.
We seek to mitigate our debt financing risk by diversifying our sources of loan finance and maturity dates. The bank loan and corporate bond markets are currently used for this purpose.
The Group currently has £1,265m of debt facilities available to it, comprising £540m of committed bank loans matured in 2019, £375m of Guaranteed Notes at 4.25% due 2020, and £350m of Guaranteed Notes at 4.875% due 2023. The £540m bank loan is a Revolving Credit Facility.
The Group’s net debt for covenant purposes was £515m at 26 December 2017.
|Net debt / EBITDA*||Interest cover|
|Bank facility covenant||< 3.5x||>3.0x|
|Covenant as at 26 December 2017||1.4x||10.8x|
* For the purposes of covenant calculations certain adjustments are made to the reported net debt, EBITDA and net cash interest numbers in accordance with the Group’s bank facility agreements.