Flutter sets talk for $1.05 billion equivalent dollar, euro secured notes; pricing Wednesday

By Paul A. Harris

Portland, Ore., April 17 – Flutter Entertainment plc set tranche sizes and price talk it its $1.05 billion equivalent offering of Flutter Treasury DAC five-year senior secured notes (Ba1/BBB-/BBB), according to market sources.

The dollar-denominated tranche features $525 million of the notes talked to yield in the 6½% area, tight to initial guidance in the high-6% area. Joint lead bookrunner BofA will bill and deliver. Citigroup is also a joint lead bookrunner. Barclays, Citizens Capital Markets, Goodbody, JPMorgan, Lloyds, Mediobanca, Mizuho, NatWest Markets, Santander and Wells Fargo are joint bookrunners.

The euro-denominated tranche features €500 million of the notes talked to yield in the 5¼% area, tight to initial guidance in the mid-5% area. Joint lead bookrunner Barclays will bill and deliver for the euro-denominated notes. Mediobanca, NatWest and Santander are also joint lead bookrunners. BofA, Citigroup, Citizens, Goodbody, JPMorgan, Lloyd, Mizuho and Wells Fargo are joint bookrunners.

The deal is set to price on Wednesday.

The Rule 144A and Regulation S notes become subject to an initial call after two years at par plus 50% of the coupon.

The Dublin-based sports betting and gambling company plans to use the proceeds to refinance its euro-denominated term loan B due 2026 and repay drawn amounts under its revolving credit facility.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.