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Ladbrokes Group Finance holders tender £117.03 million of 7 1/8% notes
By Angela McDaniels
Tacoma, Wash., Feb. 26 - Ladbrokes plc subsidiary Ladbrokes Group Finance plc received tenders for £117,033,000 principal amount of its £250 million 7 1/8% notes due 2012 during a tender offer that expired at 11 a.m. ET on Feb. 25, according to a company news release.
Holders will receive 106.5% of par plus accrued interest. The settlement date is expected to be March 9.
Ladbrokes was seeking to purchase a minimum of £100 million of the notes.
The purchase of the tendered notes is conditioned on the successful completion of the company's new issue of notes. Labrokes priced £225 million of 7 5/8% seven-year notes on Feb. 26, and they are expected to settle on March 5.
The company previously said that holders who tendered their 7 1/8% notes would receive priority in the allocation of the new issue of notes.
Barclays Bank plc (+44 20 7773 8575 or eu.lm@barcap.com) and Royal Bank of Scotland (+44 20 7085 8354/4634 or liabilitymanagement@rbs.com) were the dealer managers for the tender offer. The tender agent was Deutsche Bank AG, London Branch (44 20 7547 5000).
Ladbrokes is a betting and gambling company based in Harrow, England.
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