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Gala Bingo offers investors a break from telecoms

Gala Bingo, the UK gaming company, is set to provide Europe's high yield investors with some much-needed bonds from outside the telecoms sector.

Gala is to issue £55m (€87m) of new paper on Friday to finance the recent acquisition of Ladbroke's casinos. Rather than create a new, small bond, Gala is adding to an existing issue. Credit Suisse First Boston is managing the sale.

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