Flutter sets talk on U.S. and euro incremental term loan, extension

By Sara Rosenberg

New York, July 7 – Flutter Entertainment plc released price talk on its $1.5 billion equivalent U.S. and euro five-year incremental covenant-lite term loan B, and repricing and extension of its existing $1.438 billion covenant-lite term loan B and existing €507 million covenant-lite term loan B with its lender call on Wednesday, according to a market source.

The U.S. term loan debt is talked at Libor plus 225 basis points to 250 bps with a 0% Libor floor and an original issue discount of 99.5, and the euro term loan debt is talked at Euribor plus 250 bps to 275 bps with a 0% floor and a discount of 99.5, the source said.

The U.S. and euro term loan debt (Ba1/BBB-/BBB) will have 101 soft call protection for six months.

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

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.

Commitments are due at 10 a.m. ET on July 15.

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.

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

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