20th of November 2009 Author: Ava Jackuard
Up to Euro 5 million in finance costs will be saved, and foreign currency volatility contained
Unibet Group plc has signed an agreement with a major international bank for a 12 month Revolving Credit Facility with a maximum value of Euro 24 million, which is to be used primarily to cover the early redemption of the remaining Euro outstanding 65.8 million bond it took out to acquire Maria Bingo two years ago.
By paying down the bond early, the online gambling group expects to save between Euro 4 and Euro 5 million in finance costs calculated to the bnongs maturity date. This saving includes early redemption costs of approximately Euro 1,4 million in the fourth quarter of 2009.
In addition to the significant benefit of early redemption, foreign currency volatility and expensive losses in this regard can be largely avoided.
Unibet was advised throughout the transaction by Oreum AdvokatbyrÃ¥.
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