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Ladbrokes Group Finance tenders for £250 million of 7 1/8% notes
By Jennifer Chiou
New York, Feb. 18 - Ladbrokes plc announced that its subsidiary, Ladbrokes Group Finance plc, is tendering for its £250 million of 7 1/8% notes due 2012.
The cash tender offer will end at 11 a.m. ET on Feb. 25.
The company said it will pay a purchase price of 106.5% plus accrued interest.
Ladbrokes is seeking tenders from holders of a minimum of £100 million of the notes.
In other news, the company is offering new seven-year sterling-denominated fixed-rate notes. Investors looking to tender their 7 1/8% notes will receive priority in the allocation for 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) are dealer managers. The tender agent is Deutsche Bank AG, London Branch (44 20 7547 5000).
Based in Harrow, England, Ladbrokes is a betting and gambling company.
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