Gaming
and wagering giant Tatts Group Ltd is considering
refinancing its $700 million in bank debt with its
existing lenders after tapping the United States private
market in December, its CFO said last Wednesday. The
company, which had $911 million ($US909 million) of
bank loans maturing in June 2011, refinanced $US225
million in the US private placement market at the
end of 2010, leaving around $700 million outstanding.
"We are contemplating an option of whether our
banks wish to roll over the rest of the debt,"
Tatts chief financial officer Ray Gunston told the
press. According to data from Thomson Reuters LPC,
Tatts existing lenders are ANZ Ltd, BNP Paribas, Commonwealth
Bank of Australia, National Australia Bank, Royal
Bank of Scotland and Westpac Banking Corp. There is
ample liquidity in the bank market and banks are willing
to lend for longer maturities for the right credit.
This compared to during the financial crisis where
borrowers struggled to get tenors beyond three years.
"We are still working through our options. But
it is my understanding five-year bank debt has become
more available than previously," Gunston said.
The company is also keeping an eye on the fledging
retail bond market as a funding option though, but
sees it as pricey. "We have not taken (retail
bonds) off the agenda," Gunston said. "We
are looking at where it fits into our profile. But
it is still expensive and there are a number of issues."
The overall costs of retail bonds still remain quite
high in Australia despite measures introduced last
year to reduce lengthy prospectus documents and cut
costs for small bond issues. Tatts is not publicly
rated but US debt investors estimate its ratings to
stand between Standard & Poor's BBB-plus and BBB-minus.
It
may seem difficult but it is important that all citizens
across the world stay updated with Internet Betting
laws. Below you will find what we understand as the
laws to online betting in certain areas of the world.
US
Internet Betting Laws
The United States of America has the most ambiguous
online casino laws in the world. They have passed
laws to ban banks from allowing transactions that
are deemed illegal, but no one has any idea what the
United States considers legal or illegal. Currently,
all US citizens are advised to check with local laws
before gambling online. Even the online casinos aren't
sure if you should be allowed to bet at their site.
Some companies don't allow US players, others allow
some US players, and some could care less where a
player is from.
UK
Internet Casino Laws
The UK is the first major country to completely legalize
and regulate online gambling. The Gambling Act of
2005 was passed while Prime Minister Tony Blair was
in office. Blair had a flair for expanding gambling,
but when Gordon Brown took over as Prime Minister
in the UK he provided a tax structure that was so
high that most online casino companies were not urged
to relocate to England. Today, all web branded casinos
that are in a UK approved jurisdiction are legal for
UK citizens to play at.
International
Online Betting Laws
As the world gets deeper into the 21st century and
the Internet becomes a more common cultural tool more
and more countries are realizing the reality that
is Internet gambling. Currently, Spain, Italy, Germany
and other countries have moved to legalize and regulate
the industry, while few still look to protect their
homeland gaming monopolies. It is extremely important
to check all local, state, and federal laws before
participating in any online gambling activities.
