Global law firm Reed Smith has advised Intermediate Capital Group plc (ICG) on its £155 million financing to support the £241 million acquisition of Britain’s biggest bingo chain, Gala Bingo, by listed private equity house, Caledonia Investments plc. The vendor, Gala Coral Group Limited, is divesting the asset in connection with its £2.3 billion merger with Ladbrokes. The transaction is subject to the approval of the UK Gambling Commission.
The senior debt facility is fully underwritten by ICG.
The Reed Smith team was led by leveraged finance partner Ben Davis and included finance associates Ben Wulwik and Benjamin Vicentini.
Ben Davis, Reed Smith leveraged finance partner, commented:
“We are pleased to have signed this important financing transaction for ICG. The transaction was executed within a particularly tight timeframe and ICG’s ability to underwrite the full transaction was critical to its swift completion. This is our fourth instruction from ICG in the past 18 months and we are delighted to continue to build this relationship and to underline our credentials in the alternative lender market”.
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Reed Smith is a global relationship law firm, with more than 1,800 lawyers in 26 offices throughout Europe, the Middle East, Asia and the United States.
For further information, please visit www.reedsmith.com or contact Annabelle Price (senior corporate communications executive EME) on +44 (0)20 3116 3787.