Sportech, the London-based operator of The New Football Pools, has entered into an agreement with Lloyds Banking Group that will see it receive revised banking facilities of £90.75 million.

The new facility comprises £87.75 million of senior facility term loans maturing in June of 2013 alongside three million pounds of working capital. Sportech stated that this would give it the flexibility to develop while also providing it with the ability to take advantage of other business development opportunities.

Sportech had been in discussions with Lloyds Banking Group for over a month and stated that its net debt now amounted to £81.5 million. As part of the amendment agreement, the firm is set to pay upfront fees amounting to £900,000 while assenting to use part of the revised term loan to finance business development opportunities going forward.

“We are pleased to have agreed this position with the Lloyds Banking Group, which has been very supportive throughout this process,” said Ian Penrose, Chief Executive Officer for Sportech.

“We now have in place robust facilities, which allow the group to pursue both organic and development opportunities.”

Source: iGamingBusiness.com