Debt investor.
William Hill seeks to maintain a capital structure which enables us to continue as a going concern and which supports our business strategy. We seek to mitigate our debt financing risk by diversifying our sources of loan finance and maturity dates. The bank loan and corporate bond markets are currently used for this purpose.
Debt profile
The Group currently has £1175m of debt facilities available to us, comprising £300m of Guaranteed Notes at 7.125% due 2016, £550m of committed bank loans maturing in 2015, and a new bridge facility of £325m available until June 2014. The £550m bank loan is a Revolving Credit Facility.
Covenants
The Group’s net debt for covenant purposes was £339m at 1 January 2013.
| |
Net debt / EBITDA* |
Interest cover |
| Bank facility covenant |
< 3.5x |
>3.0x |
| Covenant as at 01/01/2013 |
1.0x |
9.3x |
* For the purposes of covenant calculations certain adjustments are made to the reported net debt, EBITDA and net cash interest numbers in accordance with the Group’s bank facility agreements.