Successful pricing and allocation of new Term Loan

RNS Number : 3303D
Entain PLC
19 October 2022
 

For Release at 7.00am

19 October 2022 

Entain plc

("Entain" or the "Group")

 

Successful pricing and allocation of new Term Loan following strong global demand

 

Entain plc (LSE: ENT), the global sports betting, gaming and interactive entertainment group, today

announces the pricing and allocation of a $1,000m First Lien Term Loan B in USD ("the New Loan"), with maturity in October 2029. 

 

The New Loan was upsized from $750m to $1,000m following strong demand from global credit investors. The proceeds of the New Loan will be used:-

 

· to finance the acquisition of SuperSport ( announced on 11 August 2022 and expected to complete during Q4), by Entain CEE, the new venture being formed by Entain and EMMA Capital; and

 

· to maximise Entain's liquidity and provide further balance sheet flexibility. In particular, the acquisition of BetCity ( announced on 14 June 2022 and expected to complete during Q4) will no longer require drawings on the Group's revolving credit facility.

 

The New Loan was priced at Term SOFR1 + credit adjustment spread of 10 bps + margin of 350 bps2 and was allocated at 97.5. The Group intends to enter into hedging arrangements (including cross-currency swaps to effectively convert the entire borrowing into EUR, and fixed/floating interest rate swaps) which should result in an overall fixed cash cost of financing for the New Loan of approximately 6.2%3 until September 2024.

 

The New Loan is expected to fund by the end of October.

 

 

Notes:

(1)  Secured Overnight Financing Rate (SOFR), subject to a 0.5% floor

(2)  +/- 25bps if Leverage as defined in the Senior Facilities Agreement dated 7 July 2021 is greater than 3x / less than 2x

(3)  Excludes amortisation of fees and original issue discount, which should equate to 0.5% p.a.

 

Enquiries:

Treasury - Entain plc

Charlie Sutters, Director of Tax, Treasury & Insurance

 

Investor Relations - Entain plc

David Lloyd-Seed, Chief IR & Communications Officer

Davina Hobbs, Head of Investor Relations

Callum Sims, IR Manager

 

charlie.sutters@entaingroup.com

 

investors@entaingroup.com

david.lloyd-seed@entaingroup.com

davina.hobbs@entaingroup.com

callum.sims@entaingroup.com

 

Media - Entain plc

Lisa Attenborough, Head of Corporate Communications

Jay Dossetter, Head Corporate PR

Jodie Hitch, PR Manager

media@entaingroup.com

lisa.attenborough@entaingroup.com

jay.dossetter@entaingroup.com

Jodie.hitch@entaingroup.com

 

Powerscourt

Rob Greening/Nick Hayns/Sam Austrums

Tel: +44 (0) 20 7250 1446

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 bwin, Coral, Crystalbet, Eurobet, Ladbrokes, Neds, Sportingbet and Sports Interaction; 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, operating in over 40 regulated or regulating 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

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
MSCMPBMTMTTBTIT

Companies

Entain (ENT)
UK 100

Latest directors dealings