GVC agrees new £535m revolving credit facility

Sports betting and gaming group GVC Holdings said on Tuesday that is has agreed a new £535m revolving credit facility with existing lending banks and that it expects to achieve its target of reducing cashflow to breakeven.

The new facility is on substantially the same terms as the previous one, GVC said, save for a revised covenant limit.

The RCF is currently undrawn. Earlier this month, GVC - which owns Ladbroke's - said it was in "a robust financial position", with accessible cash of more than £350m at the end of March.

Chief financial officer Rob Wood said: "Having taken early and decisive actions to mitigate the impact of Covid-19 on our business, we are confident that we can achieve our target of breakeven cashflow per month during this crisis.

"I am delighted that we have reached agreement with our key lending banks on this revised RCF which will provide us with further financial flexibility to continue on our path of excellent growth momentum. We remain well placed to take advantage of a range of attractive growth opportunities which we believe will be available to us."