Betfred Completes Refinancing Deal

Strong performance opens new doors

The Betfred Group has announced the successful completion of a GBP 200 million refinance deal following its GBP 265 million acquisition of The Tote two and a half years ago.

The Manchester Evening News reports Betfred’s repayment of its acquisition facilities, including the early repayment of the GBP 115 million deferred consideration from the Government in an unprecedented syndicated loan deal with Barclays, M&G Investments, Santander UK and Yorkshire Bank.

Betfred’s strong performance smoothed the way toward the successful transaction where the bookmaker reported a surge in profits to nearly GBP 70 million in its first full set of results since its acquisition of the Tote.

Other key performance indictors for the year ending March 31, 2013 included a 30 percent rise in pre-tax profits to GBP 69 Million, a GBP 43 million reduction in debt to GBP 213 Million and revenues up by GBP 1.3 Billion to GBP 8 Billion compared to the previous year.

Fred Done, chairman of Betfred, said: "I am delighted to have secured this arrangement with Barclays, Santander UK, Yorkshire Bank and particularly pleased to have M&G Investments as a new partner."

Online Casino News Courtesy of Infopowa

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The man with the plan here at Casinomeister. Bryan Bailey has been running Casinomeister since its launch in June of 1998. He has watched the industry grow from its primeval stage to what it is now. The Meister has attended nearly 100 conferences in the past 20 years and has either been a speaker or a panel moderator for at least 60 events. He has always been an advocate of fairness and reason and is known to like German beer, a good Scotch, and astrophography.
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