Major Loan For Greek Gambling Company

MAJOR LOAN FOR GREEK GAMBLING COMPANY

23rd November, 2011 at 03:21:14
Source: http://www.azonlinecasinos.com

Euros 300 million will be used to expand the business, says OPAP

OPAP, Europe's biggest betting company in which the debt-burdened Greek government has a significant stake, has secured a loan of up to Euro 300 million with a consortium of Greek banks to expand its business, its chief executive said on Tuesday.

The debt-free company needs the loan after it spent about Euro 475 million this month to acquire an exclusive videolotto licence from the government in Greece, reports the Reuters news agency. It will pay another Euro 375 million by early December to renew its betting monopoly for 10 years to 2030.

"We have finalised with Greek banks a syndicated unsecured facility of Euro 300 million maximum; most likely it may be lower," chief executive Yannis Spanoudakis said during a conference call with analysts Tuesday. He revealed that the cost will be 6.75% over the three-month Euribor rate.

With foreign lenders reluctant to lend to Greek firms due to the Eurozone economic crisis, the banks that are leading the consortium are Greece's National Bank, EFG Eurobank, Emporiki Bank and Hellenic Postbank.

Spanoudakis said OPAP was still considering raising money in foreign markets for higher security, albeit at a higher cost.

Greeks have been gambling less after being hit with government austerity measures, and as a result OPAP's third-quarter profit dropped 16% to Euro 135.4 million, with predictions of another tough year in 2012 (see previous reports).

Related News Tags:



« News index »



LAND CASINO INVESTOR BUYS MOBILE APP COMPANY

20th March, 2017 at 07:18:24
Is Amax planning on expanding its land asset?

OPAP UPGRADE CORE SERVICES

01st February, 2017 at 22:05:07
With Playtech, BetGenius and Novomatic.

CYPRUS AUTHORITIES TURNING UP THE HEAT ON INTERNET GAMBLING

29th November, 2016 at 06:40:03
National Betting Authority reports that around 2,500 illegal gambling websites are currently being ISP-blocked.

PMU AND HELLAS IN HORSE RACING POOL BETTING JV

28th November, 2016 at 14:03:47
Joint venture betting offer on French horse races.

BETRADAR SCORES OPAP DEAL

24th October, 2016 at 09:12:01
Sports betting data and analytics provider to supply major Greek online and land betting group.