Entain PLC Refinancing of EU1,125m Term Loan B due March 2024 (7257I)
December 06 2022 - 2:00AM
UK Regulatory
TIDMENT
RNS Number : 7257I
Entain PLC
06 December 2022
6 December 2022
Entain plc
("Entain" or the "Group")
Refinancing of EUR1,125m Term Loan B due March 2024
Entain plc (LSE: ENT), the global sports betting, gaming and
interactive entertainment group, today
announces the pricing and allocation of two new tranches of
First Lien Term Loan B ("the New Loans") as follows:-
1. EUR tranche of EUR800m, with maturity in June 2028, priced at
EURIBOR(1) + margin of 375 bps(2) and allocated at an original
issue discount of 97.5;
2. USD tranche of $375m (an add-on to the $1,000m loan issued in
October 2022), 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 98.75.
The New Loans will fund in January 2023. The proceeds of the New
Loans will be used to immediately repay the entire EUR1,125m Term
Loan B due March 2024.
The Group intends to enter into hedging arrangements in respect
of the New Loans and details of these will be disclosed in due
course.
When the New Loans have been funded and the March 2024 loan
repaid, Entain's borrowings will be as follows:
Type of debt Quantum Date of issue/closing Maturity Interest
rate
Bonds GBP400m 08-Nov-2016 08-Sep-2023(4) 5.125% fixed
------------------ ---------------------- --------------- -------------------
Term Loan $1,125m(6,7) 29-Jul-2021 29-Mar-2027 LIBOR+2.50%(2)
B
------------------ ---------------------- --------------- -------------------
EUR800m January 2023 30-Jun-2028 EURIBOR +
3.75%
------------------ ---------------------- --------------- -------------------
$1,375m(6) 31-Oct-2022 31-Oct-2029 Term SOFR(3)
($1,000m) +3.60%(2)
/ January
2023 ($375m)
------------------ ---------------------- --------------- -------------------
Revolving GBP590m (undrawn) 12-Jul-2021 12-Jul-2026 SONIA(5) +2.50%(2)
Credit Facility
------------------ ---------------------- --------------- -------------------
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
(4) Can be repaid at par in the 90 days prior to maturity i.e. from 10 June 2023
(5) SONIA applies for GBP drawings only - other reference rates
apply for other currencies, in all cases subject to a 0% floor
(6) Subject to 1% annual amortisation
(7) Effectively swapped into EUR via cross-currency swaps
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 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
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