Flutter’s Stars gets needed consents under solicitation for 7% notes

By Wendy Van Sickle

Columbus, Ohio, April 19 – Flutter Entertainment plc’s Stars Group Holdings BV and Stars Group (US) Co-Borrower, LLC said they received the requisite majority of consents under a solicitation regarding the $1 billion of 7% senior notes due 2026 (Cusips: N8233NAA4, 85572NAA6), according to an announcement.

The solicitation, which was announced on April 12, sought to waive certain defaults or events of default that may arise as a result of proceedings brought against the company by the Commonwealth of Kentucky.

Kentucky has ruled against the company for just under $1.3 billion regarding losses of Kentucky players who played in illegal offshore online poker games in a lawsuit against subsidiaries that dates back to 2008, according to Casino.org.

A majority of noteholders had to consent to the proposed amendments to give effect to the proposed changes.

Consenting noteholders will receive $2.50 per $1,000 principal amount.

The expiration time for consents was 5 p.m. ET on April 16.

A supplemental indenture was expected to be executed and payment to be made on or about April 19.

The information and tabulation agent is D.F. King & Co., Inc. (212 269-5550, 800 249-7148, +44 20 7920 9700 or tsg@dfking.com).

Deutsche Bank Securities Inc. is the solicitation agent (212 250-7527, 855 287-1922).

Stars Group is a Toronto-based provider of technology-based products and services in the gaming and interactive entertainment industries. Flutter Entertainment acquired Stars Group and is a sports betting, gaming and entertainment provider based in Dublin.

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