Monday January 13,2014 : BETFRED COMPLETES REFINANCING DEAL
Strong performance opens new doors
The Betfred Group has announced the successful completion of a GBP 200 million refinance deal following its GBP 265 million acquisition of The Tote two and a half years ago.
The Manchester Evening News reports Betfred's repayment of its acquisition facilities, including the early repayment of the GBP 115 million deferred consideration from the Government in an unprecedented syndicated loan deal with Barclays, M&G Investments, Santander UK and Yorkshire Bank.
Betfred's strong performance smoothed the way toward the successful transaction where the bookmaker reported a surge in profits to nearly GBP 70 million in its first full set of results since its acquisition of the Tote.
Other key performance indictors for the year ending March 31, 2013 included a 30 percent rise in pre-tax profits to GBP 69 Million, a GBP 43 million reduction in debt to GBP 213 Million and revenues up by GBP 1.3 Billion to GBP 8 Billion compared to the previous year.
Fred Done, chairman of Betfred, said: “I am delighted to have secured this arrangement with Barclays, Santander UK, Yorkshire Bank and particularly pleased to have M&G Investments as a new partner.”