Gala Coral unit calls £223 million 8 7/8% notes due 2018 at 104.438

By Susanna Moon

Chicago, Dec. 21 – Gala Coral Group Ltd.’s indirect subsidiary, Gala Group Finance plc, said it plans to redeem £223 million of its outstanding £315 million 8 7/8% senior secured notes due 2018.

The notes will be redeemed on Dec. 22 at 104.438% of par plus £1,154,489.58 of accrued interest.

Gala Group Finance satisfied the condition for the redemption when it received the first payment of proceeds after the sale of the Gala Bingo retail division, according to a company announcement.

The call was issued on Nov. 20.

Under the call, £5,227,757.14 of Rule 144A notes will be redeemed and £217,772,242.86 of the Regulation S notes will be redeemed.

Gala Coral is a Nottingham, England-based gaming and betting company.

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