Debt refinancing update

RNS Number : 5801F

Flutter Entertainment PLC

19 July 2021

 

19 July 2021

Flutter Entertainment plc ("Flutter")

Debt re-financing update

Flutter is pleased to announce that it has completed a debt re-financing transaction that will reduce its effective cost of debt and provide it with additional liquidity, enhancing the financial flexibility of the Group.

The key components of the transaction are as follows:

· A repricing and upsizing of the Group's existing Term Loan B facility by $1.5bn (£1.1bn).

· The c.$3bn USD component of the facility priced at LIBOR +225 bps, 0% floor, with an up-front fee to lenders of 25 bps.

· The c.€500m Euro component of the facility priced at EURIBOR +250 bps, 0% floor, with an up-front fee to lenders of 50 bps.

· An imminent repayment of $1bn of 7% Senior Unsecured Notes on 21^st July.

· A net increase in available liquidity of circa £250m for general corporate purposes.

The resultant pricing equates to 125 bps below existing margins across both USD and EUR components. The Group received strong support for the transaction with a material number of new lenders supporting over 25% of the order book.

As a result of the transaction, we estimate that the Group's weighted average cash cost of debt will fall from 4.2% (at 31 December 2020) to approximately 2.5%. Based on the Group's debt position at the end of 2020, this will equate to annualised interest savings of approximately £50m per annum.

Contacts:

Investor Relations:
David Jennings, Group Director of Investor Relations & FP&A	+ 353 87 951 3560
Ciara O'Mullane, Investor Relations	+ 353 87 947 7862
Liam Kealy, Investor Relations	+ 353 87 665 2014
Press:
Fi Thorne, Corporate Affairs Lindsay Dunford, Corporate Affairs	+ 44 75 2111 4787 + 44 79 3197 2959
Billy Murphy, Drury Communications	+ 353 1 260 5000
James Murgatroyd, Finsbury	+ 44 20 7251 3801

 

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