iGaming Business – UK bookmaker William Hill announced today (Friday) that it has signed a new five-year loan agreement with a syndicate of banks. The £540 million (€667 million/$927 million) committed multi-currency revolving credit facility will expire in May 2019. It replaces the group’s existing revolving credit facility, which was due to expire in November 2015.

“We are pleased to have completed this deal both with the support of our relationship banks and with two new lenders to the group,” William Hill group finance director Neil Cooper said.

“This transaction extends the group’s debt maturities, strengthening the group’s balance sheet position and slightly reduces projected bank financing costs compared to the current facility.”

The initial margin under the new facility is expected to be lower than the current margin under William Hill’s existing facility.

The facility is unsecured, but the lenders have benefited from a guarantee from the principal operating subsidiaries of the bookmaker.

William Hill expects to pay about £4.5 million of arrangement and participation fees and associated costs, charged over the course of the loan period, and the bookmaker will incur about £2 million of one-off, non-cash exceptional costs arising from the accelerated amortisation of the fees.