Flutter flexes $2.68 billion term loan B to SOFR plus 225 bps

By Sara Rosenberg

New York, Nov. 16 – Flutter Entertainment plc reduced pricing on its $2.68 billion term loan B due 2030 (Ba1/BBB-/BBB) to SOFR plus 225 basis points from talk in the range of SOFR plus 250 bps to 275 bps, according to a market source.

Furthermore, the original issue discount talk on the term loan was revised to a range of 99.5 to 99.75 from just 99.5, the source said.

The term loan has a leverage-based pricing step-down, a 0.5% floor and 101 soft call protection for six months.

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.

Recommitments are due at 10 a.m. ET on Friday, 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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