Flutter Entertainment revises $1.25 billion term loan B OID to 97.75

By Sara Rosenberg

New York, Sept. 16 – Flutter Entertainment plc tightened the original issue discount on its $1.25 billion term loan B due July 2028 (Ba1/BBB-/BBB) to 97.75 from 97, according to a market source.

Pricing on the term loan B remained at SOFR+CSA plus 325 basis points with a 0.5% floor.

The term loan B still has CSA of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate, and 101 soft call protection for one year.

Commitments continued to be due at 1 p.m. ET on Friday, the source added.

Earlier in syndication, the term loan B was upsized from €1 billion equivalent and the euro and U.S. term loan A was upsized to €750 million equivalent from €500 million equivalent, as the company eliminated plans for €500 million of other euro-denominated senior secured debt.

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

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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