Coral Eurobet

The UK-based betting company Coral Eurobet is reportedly due for a £830m refinancing which is set to return 60% of Charterhouse Development Capital’s original investment in the business. The private equity firm acquired the company from Morgan Grenfell Private Equity in August 2002 for £860m in a secondary buyout transaction. Lehman Brothers, who arranged funding the £610m debt package for the buyout, will arrange the refinancing plan in conjunction with HBOS, repaying £160m of capital to Charterhouse. The original debt package comprised £400m senior debt, £135m of mezzanine and $75m of payment-in-kind refinancing, with a deferred payment of £10m. Coral Eurobet’s recapitalisation values the company at £1.35bn, which represents an increase of 30% since Charterhouse’s investment. Ashurst's head of international finance, Nigel Ward, led the team, assisted by solicitors James Collis, Iain Bage, Mark Edwards and trainee Heidi Summa. Gay Bronson of Latham & Watkins advised Charterhouse Development Capital.

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