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Fitch rates GVC Holdings loan BB+
Fitch Ratings said it assigned an expected rating of BB+ to GVC Holdings (Gibraltar) Ltd.’s €1.125 billion term loan B facility with a recovery rating of RR3.
GVCG is a subsidiary of GVC Holdings plc and a guarantor under GVC’s senior facilities agreement. The new senior secured loan facility will rank equally with all existing senior secured debt within GVC and will benefit from the same security and cross guarantees package as the original term loan B facilities, the agency said.
Proceeds will be used to refinance the parent’s £175 million term loan, €300 million term loan and €625 million term loan.
Fitch sees the transaction as leverage neutral to GVC.
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