William Hill poised to issue bonds

Mon. October 12, 2009; Posted: 04:36 PM

Oct 11, 2009 (Financial Mail on Sunday - McClatchy-Tribune Information Services via COMTEX) -- WIMHF | Quote | Chart | News | PowerRating -- William Hill, one of Britain's biggest bookmakers, is drawing up plans to reduce its GBP850 million debt by issuing bonds to investors. This follows a heavily discounted GBP350 million rights issue in February.

An insider said talks with banks were at an early stage and the size of the bond issue was still being considered. The company's banks include Barclays, Royal Bank of Scotland, Lloyds TSB and HSBC. It is understood that Citigroup has been appointed to review its options.

The source added that no final decision had been made by the board, but bond markets were buoyant. A source close to the situation said the figure could be as high as GBP200 million.

Meanwhile, rival Ladbrokes tapped investors for a GBP286 million rights issue last week, with proceeds from the discounted issue being used to slash its GBP960 million of borrowings. Bookmakers have been hit by heavy losses on football. There have been fewer drawn matches this season so punters have had a better chance to back a winner.

William Hill and Ladbrokes both plan to cut costs by moving their online sports betting operations to Gibraltar.

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