Event Publicly Available Information:
On 28th March 2018 GVC completed the acquisition of Ladbrokes Coral Group plc
On 13th February 2018 Ladbrokes Coral Group plc launched a Consent Solicitation for the Ladbrokes GBP 100mm 2022 and GBP 400mm 2023 bonds as part of the takeover by GVC. In this document The Reference Entity - Ladbrokes Coral Group plc - is defined as the “Guarantor”. The Consent Solicitation states that: “the existing issuer liabilities and guarantee liabilities of the Issuer and the Guarantor, respectively, under the 2022 Notes and the 2023 Notes would not be able to be released or otherwise compromised under the Intercreditor Agreement”.
As the guarantee from the Reference Entity, Ladbrokes Coral Group plc, to the Ladbrokes 2023 bonds was a Relevant Guarantee, and was not released, and, furthermore, no bank debt of the Ladbrokes Coral group was assumed by any other entity, is there a Successor to Ladbrokes Coral Group plc?
Consent solicitation
Press release. Post completion corporate structure (page 12, table 2.6)
2023 Bond Prospectus with Irrevocable Guarantee
| Date | Description | Document |
|---|---|---|
| Closed | ||
| Request Accepted by DC | Pursuant to the standing resolution passed by the EMEA Determinations Committee (DC) on June 21, 2010, the first meeting of the EMEA DC to deliberate the DC Questions relating to this DC Issue has been deferred pending deliberation of such DC Questions by the EMEA DC legal subcommittee. Please refer to EMEA_DC_Standing_Resolution_210610. | |
| Pending DC Consent |