Bookmaker Ladbrokes has signed a £1.35 billion facility with banks to fund its proposed merger with Gala Coral.
The new facility has three tranches and will be available for drawing subject to completion of the merger, the company said.
Ladbrokes, headed by Glaswegian Jim Mullen, and Gala Coral sealed an all-share deal in July.
That will create a £2.3bn betting group that will seek to build on its dominance of Britain's high streets to expand its online business.
As a result of the financing package, Gala Coral's debt will not be transferred into the new company, to be named Ladbrokes Coral, at completion of the merger.
The company had cut its full-year dividend to three pence from 8.9 pence per share in July to help fund the deal.
Ian Bull, chief financial officer, said: "I am pleased that our relationship banks have shown strong support in putting in place a significant size facility at similar pricing to our current facilities.
"We believe that this facility will provide sufficient liquidity to an enlarged Ladbrokes Coral group following the merger."
Earlier this week Ladbrokes appointed Kristof Fahy, previously at Telegraph Media Group and William Hill, as its new chief marketing officer.
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