GVC Holdings, the multinational sports betting and gaming group, increased the term loan element of its senior secured term and revolving facility by €50 million ($58.89 million). The facility, originally signed in March 2017, now comprises a €300 million ($353.3 million) term loan and a €70m ($82.44 million) revolving credit facility.

The additional €50m ($58.89 million) will be used for potential bolt-on acquisitions and general corporate purposes. There are no plans to draw on the RCF at this time.

Additional enhancements to the documentation also included a reduction of the interest rate on the term loan from 325bp to 275bp above Euribor with a 0% floor, while the accordion facility, which allows the incurrence of incremental debt subject to a net leverage test, was increased from 2.25 to 3.5x.

Nomura International and Deutsche Bank AG – London Branch acted as mandated lead arrangers.

“The amended financing represents a logical development in the enhancement of our lending facilities and reflects our increasing standing in the international debt markets,” said Paul Miles, CFO.