Entain PLC Pricing and allocation of Term Loans (8779D)
26 June 2023 - 5:00PM
UK Regulatory
TIDMENT
RNS Number : 8779D
Entain PLC
26 June 2023
26 June 2023
Entain plc
("Entain" or the "Group")
Successful pricing and allocation of GBP500m equivalent of Term
Loans following strong global demand
Entain plc (LSE: ENT), the global sports betting, gaming and
interactive entertainment group, announces the pricing and
allocation of fungible add-ons to two of its existing First Lien
Term Loan B loans ("the New Loans") as follows:
1. EUR 230m, a fungible add-on to its existing EUR loan of
EUR800m, with maturity in June 2028, priced at EURIBOR(1) + margin
of 375 bps(2) and allocated at an original issue discount of 99;
and
2. USD 385m, a fungible add-on to its existing USD TLB2 loan of
$1,375m, with maturity in October 2029, priced at Term SOFR(3) +
credit adjustment spread of 10 bps + margin of 350 bps(2) and
allocated at an original issue discount of 99;
a total of c. GBP500m equivalent in GBP.
The New Loans will fund in July 2023. The majority of the net
proceeds will be used to immediately repay at par the GBP400m bonds
issued by Ladbrokes Group Finance plc due in September 2023.
Notes:
(1) Subject to a 0% floor
(2) +/- 25bps if Leverage as defined in the Senior Facilities
Agreement dated 7 July 2021 is greater than 3x / less than 2x (and
for RCF only, +/- a further 25bps if Leverage is greater than 4x /
less than 1.75x)
(3) Secured Overnight Financing Rate (SOFR), subject to a 0.5% floor
Enquiries:
Investor Relations - Entain plc investors@entaingroup.com
Media - Entain plc media@entaingroup.com
Powerscourt Tel: +44 (0) 20 7250 1446
Rob Greening/Nick Hayns/Sam Austrums entain@powersco urt-group.com
About Entain plc
Entain plc (LSE: ENT) is a FTSE100 company and is one of the
world's largest sports betting and gaming groups, operating both
online and in the retail sector. The Group owns a comprehensive
portfolio of established brands; Sports brands include BetCity,
bwin, Coral, Crystalbet, Eurobet, Ladbrokes, Neds, Sportingbet,
Sports Interaction and SuperSport; Gaming brands include Foxy
Bingo, Gala, GiocoDigitale, Ninja Casino, Optibet, Partypoker and
PartyCasino. The Group owns proprietary technology across all its
core product verticals and in addition to its B2C operations
provides services to a number of third-party customers on a B2B
basis.
The Group has a 50/50 joint venture, BetMGM, a leader in sports
betting and iGaming in the US. Entain provides the technology and
capabilities which power BetMGM as well as exclusive games and
products, specially developed at its in-house gaming studios. The
Group is tax resident in the UK and is the only global operator to
exclusively operate in domestically regulated or regulating markets
operating in over 40 territories.
Entain is a leader in ESG, a member of FTSE4Good, the DJSI and
is AA rated by MSCI. The Group has set a science-based target,
committing to be carbon net zero by 2035 and through the Entain
Foundation supports a variety of initiatives, focusing on safer
gambling, grassroots sport, diversity in technology and community
projects. For more information see the Group's website:
www.entaingroup.com
LEI: 213800GNI3K45LQR8L28
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END
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