S&P assigns BBB- to Flutter loans

S&P said it assigned a BBB- rating to Flutter Entertainment plc’s new $2.686 billion term loan B. The 2 recovery rating on the senior secured debt indicates substantial recovery (70%-90%; rounded estimate: 75%) in default.

Flutter also plans to secure £1.5 billion equivalent term loan A and upsize its revolver to £1 billion from £750 million.

The issuer plans to launch a refinancing transaction for part of its capital structure. It will refinance the £1.6 billion multicurrency term loan A outstanding and £2.3 billion equivalent U.S. dollar term loan B and extend the maturities of the term loans to 2028 and 2030, respectively.

Concurrently, S&P affirmed Flutter’s BB+ issuer rating.

The outlook is stable.

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