William Hill is issuing around £375 million ($ 573 USD) worth of corporate bonds in the hopes of attracting investor attention. It’s all part of a plan to help the company pay off bridge loans it accumulated while acquiring 29% of Sportingbet Australia during the spring.
The bulk of the cash raised from the bonds, around £275 million will be used to pay off the Sportingbet loans, while the other £100 million be used to pay down general debt. As it stands today, William Hill is carrying around £742 million worth of debt.
In a press release company officials said:
The issue of the bonds further strengthens the group’s balance sheet by diversifying its sources of debt funding and lengthening the maturity profile of its borrowings.
Over the past couple years, William Hill has moving aggressively to shore up its domestic operations, while making big moves abroad. One of their biggest moves was acquiring full control of William Hill Online by purchasing the stake owned by Playtech for around £424m ($ 557 USD).
On the US front, William Hill is moving aggressively to get a toehold in the Nevada market. Last summer they were approved to take control of 159 Silver State sportsbooks and betting kiosks.
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