A £3.5bn debt issuance from sports betting and gaming giant GVC Group has become the first listing on The International Stock Exchange (TISE) to be sponsored by one of its Isle of Man-based member firms.
GVC Holdings (UK) has issued a £3.5bn principal amount 4.9% per cent Fixed Rate Unsecured Loan Notes due 2028 and it was admitted to TISE’s Official List on 28 June 2018.
The member firm which acted as Listing Agent was Isle of Man-based IQE Securities Sponsor Services. The Isle of Man’s DQ Advocates advised their longstanding client, GVC Group, on all aspects of the listing and were supported by Latham & Watkins, GVC Group’s UK legal advisers.
GVC Holdings (UK) is a wholly owned subsidiary of GVC Holdings. It is one of the world’s largest sports betting and gaming groups, with licences in more than 20 countries and brands including Ladbrokes, bwin, Sportingbet and partypoker. GVC Holdings is incorporated in the Isle of Man and is a constituent of the FTSE 100 index.
Carolyn Gelling, Head of the Isle of Man Office of The International Stock Exchange Group, said: “I am delighted that GVC has chosen to list such a significant debt issuance on TISE and that in doing so, courtesy of IQE, we have the first listing from an Isle of Man-based member of the Exchange.
“The listing comes just after the first anniversary of our office opening in the Isle of Man and while we have been pleased to see some Isle of Man originated listings join the Exchange over the past year, this is the first to come through an Isle of Man member firm. It reflects the significant progress we have made both in raising our profile in the island and further afield as a convenient and cost-effective listing venue for global companies."