Flutter lifts term loan B amount to $3.4 billion, sets OID at 99.75

By Sara Rosenberg

New York, Nov. 17 – Flutter Entertainment plc upsized its term loan B due 2030 to a minimum of $3.33 billion and a maximum of $3.91 billion from $2.68 billion, and then firmed the size at $3.4 billion following a noon ET recommitment deadline, according to a market source.

In addition, the original issue discount on the term loan finalized at 99.75, the tight end of revised talk of 99.5 to 99.75 and tighter than initial talk of 99.5, the source said.

Pricing on the term loan is SOFR plus 225 basis points with one leverage-based pricing step-down and a 0.5% floor, and the debt has 101 soft call protection for six months.

Previously in syndication, pricing on the term loan was lowered from talk in the range of SOFR plus 250 bps to 275 bps.

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.

Proceeds will be used to refinance an existing term loan B due 2026 and, due to the upsizing, to repay $720 million of a term loan B due 2028.

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

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