Ladbrokes has signed new five-year debt facilities with its banks totalling £540m.
The agreement, which will mature in 2016, replaces the existing arrangements which total £560m and had been due to mature in 2013.
The new facilities provide the business with adequate headroom post redeeming the £131m bond in July 2012. The bookmaker, which terminated takeover discussions with Sportingbet in October, has a further £225m bond which matures in 2017. It is estimated that the new blended rate of interest for the group will be 7.5 per cent in 2012.
Ladbrokes CFO Ian Bull said: "The new arrangements, together with our proven track record for strong cash generation, mean the business is on a strong footing as we continue to invest in our plan to reinvigorate Ladbrokes."
