Flutter increases U.S. term loan B to €1.25 billion equivalent

By Sara Rosenberg

New York, Sept. 15 – Flutter Entertainment plc upsized its U.S. dollar term loan B due July 2028 (Ba1/BBB-/BBB) to €1.25 billion equivalent from €1 billion equivalent, according to a market source.

The company also upsized its euro and U.S. term loan A to €750 million equivalent from €500 million equivalent, the source said.

As a result of the upsizings, the company eliminated plans for €500 million of other euro-denominated senior secured debt.

Price talk on the term loan B is unchanged at SOFR+CSA plus 325 basis points with a 0.5% floor and an original issue discount of 97.

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

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

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

Commitments for the term loan B are due at 1 p.m. ET on Friday, accelerated from noon ET on Tuesday, the source added.

Proceeds will be used 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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