Flutter launches $2.68 billion term B at SOFR plus 250-275 bps

By Sara Rosenberg

New York, Nov. 13 – Flutter Entertainment plc held a lender call at 10:15 a.m. ET on Monday to launch a $2.68 billion term loan B due 2030 (//BBB) that is talked at SOFR plus 250 basis points to 275 bps with a 0.5% floor and an original issue discount of 99.5, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

JPMorgan Chase Bank, Wells Fargo Securities LLC, BofA Securities Inc. and Barclays are global coordinators on the deal and bookrunners with Citigroup Global Markets Inc., Mediobanca, NatWest, Santander, AIB, Citizens, Lloyds and Mizuho. JPMorgan is the administrative agent.

Commitments are due at 5 p.m. ET on Thursday, the source added.

The company is also looking to get a £1.5 billion equivalent term loan A and plans to upsize its revolving credit facility to £1 billion from £750 million.

Proceeds will be used to refinance a term loan B due 2026 and an existing term loan A.

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

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