William Hill to Raise £350 Million

03.03.2009, After reporting its operating profit slipped 3 percent for the year compared to the previous year, William Hill on Friday issued a £350 million rights issue as it sets out to refinance £1.2 billion of debt.

The decision came after the United Kingdom bookmaker wasn’t able to refinance its existing bank facilities after a “dramatic deterioration” in credit markets that caused banks to decrease lending amounts, said a company statement.

“The refinancing, combined with a focus on strong cost discipline, capital management and an enhanced online offering, mean that we will be financially and operationally stronger with a more robust balance sheet as we continue through this difficult economic period,” said Ralph J. Topping, William Hill’s chief executive, in the earnings statement.

William Hill saw gross win grow by 6 percent year-over-year to just more than £1 billion for 2008 -- with online net revenue up 13 percent on a 52-week basis when compared to 2007. The strong online performance was reflected across both betting and gaming, the company said.

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