Flutter to launch incremental term loan, amend and reprice Wednesday

By Sara Rosenberg

New York, July 6 – Flutter Entertainment plc is scheduled to hold a global lender call at 10 a.m. ET on Wednesday to launch a $1.5 billion equivalent U.S. and euro five-year incremental covenant-lite term loan B, and a repricing and extension of its existing $1.438 billion covenant-lite term loan B and existing €507 million covenant-lite term loan B, according to a market source.

Deutsche Bank Securities Inc. is the U.S. sole physical bookrunner, and Barclays and JPMorgan Chase Bank are joint physical bookrunners on the euro loan. AIB, BofA Securities Inc., BMO Capital Markets, Bank of Ireland, Goldmans Sachs, Lloyds, Mediobanca, Natwest Markets and Santander are bookrunners.

The U.S. and euro term loan debt will have a 0% floor and 101 soft call protection for six months, the source said.

The currency split of the incremental term loan is still to be determined.

Proceeds from the incremental term loan will be used to fully redeem the company’s existing unsecured notes and for general corporate purposes. The extension will push out the maturity on the existing U.S. and euro term loans by one year to five years.

Commitments are due at 10 a.m. ET on July 15, the source added.

Flutter Entertainment is a Dublin-based sports betting and gaming operator.

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