Sportech PLC Financial Olympics Pays Off

uk-gamblingSportech PLC, the internet sport wagering group that is based in London has issued an announcement where it stated that the company has successfully completed a re-financing exercise. This exercise covered several key points.

These key points included the following:

–          Brand new facilities for multi banking purposes to supply the company with the ability to refinance its debt.

–          They increased the total size of the facilities. They increased it by twenty five percent in order to accommodate the amazing growth of the sport wagering business.

–          They have reached genuinely new arrangements in order to presents more flexible financial covenants.

–          They replaced the single bank arrangement with a multi bank structure in order to enhance the banking relationships.

The management of Sportech has stated that the group has entered a 75 million British pound multi currency revolving credit facility. The debt maternity of the facility is initially set to the 31st of August of 2015 but according to the request of the group and through an agreement with the lenders, it can be extended further than this date. It can be extended as far as twelve months. Resulting from this, a representative from the group stated that Management thinks that after these changes and the new agreements, the group will be able to start implementing its medium term plans.

July 27, 2012 by : posted in Casino Banking No Comments