Gala Coral's deal structure, timing set for £650 million notes sale

By Paul A. Harris

Portland, Ore., May 16 - England's Gala Coral Group, Ltd. announced the structure and timing on its £650 million two-part notes offering on Monday, market sources said.

The deal will be comprised of a £250 million tranche of seven-year senior secured notes, which come with three years of call protection, and a £400 million tranche of eight-year senior unsecured notes, which come with four years of call protection.

The roadshow stops include London on Tuesday, Amsterdam on Wednesday and Paris and Frankfurt on Thursday.

Credit Suisse AG and Barclays plc are the global coordinators among a syndicate of banks that includes Deutsche Bank AG, Goldman Sachs International, Morgan Stanley and HSBC.

The Nottingham, England-based gaming and off-track betting company plans to use the proceeds to repay its senior secured bank loans.

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