Tuesday May 14, 2013 : RANK GROUP COMPLETES GALA CORAL UK CASINO SALE (Update)
Rank becomes Britain's largest land gambling firm
Gala Coral has confirmed the completion of the sale of its UK Casinos to Rank Group PLC.
Net proceeds after costs were c.GBP 175 million of which GBP 135 million will be applied as a prepayment of the Term Loan B in accordance with the Group's Senior Facilities Agreement. The remaining net proceeds will be retained by the Group.
Commenting on the transaction, Carl Leaver, Group chief executive officer of Gala Coral said: "This transaction has crystallised significant value for Gala Coral's shareholders and debt investors. I would like to recognise the contribution and commitment of the Gala Casino team, and wish them every success under Rank's ownership."