IG Group, a prominent binary options and foreign exchange dealer, has recently completed a significant debt restructuring program. They have also established a new method for securing long-term funding. This implies that they now have a total credit facility of £600 million, which is a substantial sum!
The plan involved the issuance of £300 million worth of unsecured bonds. These bonds will mature in 2028 and carry a 3.125% interest rate.
IG Group stated that there was considerable investor interest in purchasing these bonds, enabling them to achieve a favorable price and sell more than initially intended.
They also secured a new revolving credit facility (RCF) for £300 million. This acts as a line of credit that they can access as needed. It has a three-year term and can be expanded to £400 million. They also have the option to request a two-year extension.
With this new plan, IG Group was able to repay and cancel their previous RCF of £125 million and a loan of £250 million.
This means that IG Group now has a total credit facility of £600 million, which could potentially increase to £700 million.
Charlie Rozes, the Chief Financial Officer of IG Group, remarked that this new plan provides them with a balanced mix of long-term debt arrangements.
This action will enable the board to continue developing their strategies to enhance the company’s worth, without being concerned about potential hazards. They are accomplishing this by ensuring they have sufficient funds and are capable of meeting their financial obligations.
The firm is pleased to welcome bondholders as new collaborators and expresses gratitude to the banks for their ongoing assistance.
Sign up for the iGaming News Newsletter.
