Flutter Entertainment PLC Debt refinancing update (5801F)
July 19 2021 - 2:00AM
UK Regulatory
TIDMFLTR
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 (GBP1.1bn).
-- 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.EUR500m 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 GBP250m 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 GBP50m 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 + 44 75 2111 4787
Lindsay Dunford, Corporate Affairs + 44 79 3197 2959
Billy Murphy, Drury Communications + 353 1 260 5000
James Murgatroyd, Finsbury + 44 20 7251 3801
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END
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