Flutter talks €1 billion equivalent U.S. term B at SOFR plus 325 bps

By Sara Rosenberg

New York, Sept. 6 – Flutter Entertainment plc launched on Tuesday its €1 billion equivalent U.S. dollar term loan B (BBB-) due July 2028 with price talk of SOFR+CSA plus 325 basis points with a 0.5% floor and an original issue discount of 97, according to a market source.

CSA is 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate, the source said.

The term loan has 101 soft call protection for one year.

Barclays is the sole physical bookrunner on the deal. Deutsche Bank is the administrative agent.

Commitments are due at noon ET on Sept. 20.

Proceeds will be used with euro and U.S. term loan A borrowings and other euro-denominated senior secured debt to fund the acquisition of Sisal SpA from CVC Capital Partners Fund VI for €1.913 billion, which was completed on Aug. 4.

Flutter Entertainment is a Dublin-based sports betting and gaming operator. Sisal is an Italian online and retail gaming operator.

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