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Annual Report & Accounts 2016 - Notes to the Company Statements
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Company financ 118 ial statements continued GVC Holdings PLC Annual Report 2016 NOTES TO THE COMPANY FINANCIAL STATEMENTS CONTINUED for the year ended 31 December 2016 11. DIVIDENDS As a result of the acquisition of bwin.party and the combination of debt covenants and the intended restructuring of the Group, the Directors did not pay any dividends in 2016. A special dividend of €0.149 (£0.125) per share was declared in December 2016 and paid in February 2017. 12. SUBSEQUENT EVENTS In October 2016, the Company secured a one year €250m loan facility from Nomura International plc, which was used in part to repay the outstanding loan provided by Cerberus Business Finance LLP associated with the acquisition of bwin.party. The Nomura Loan provided a short-term facility at a reduced overall cost from that associated with the Cerberus Loan. The Group has now successfully secured long-term and increased debt facilities comprising of a €320m Senior Secured Term and Revolving Credit Facility, composed of a €250m term loan (maturity six years) and a €70m revolving credit facility (maturity five years).