Published on 4/17/2024 in the Prospect News High Yield Daily and Prospect News Investment Grade Daily.
New Issue: Flutter sells five-year notes in $525 million, €500 million tranches
By Paul A. Harris
Portland, Ore., April 17 – Flutter Entertainment plc priced two tranches of Flutter Treasury DAC five-year senior secured notes (Ba1/BBB-/BBB) on Wednesday, according to market sources.
A $525 million tranche priced at par to yield 6 3/8%, at the tight end of yield talk in the 6½% area. Initial guidance was in the high-6% area.
Joint lead bookrunners for the dollar tranche were BofA and Citigroup. Joint bookrunners were Barclays, Citizens Capital Markets, Goodbody, JPMorgan, Lloyds, Mediobanca, Mizuho, NatWest Markets, Santander and Wells Fargo.
A €500 million tranche priced at par to yield 5%, 12.5 basis points inside of yield talk in the 5¼% area. Initial guidance was in the mid-5% area.
Joint lead bookrunners for the euro tranche were Barclays, Mediobanca, NatWest and Santander. Joint bookrunners were BofA, Citigroup, Citizens, Goodbody, JPMorgan, Lloyd, Mizuho and Wells Fargo.
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.
| Issuer: | Flutter Treasury DAC
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| Issue: | Senior secured notes
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| Maturity: | April 29, 2029
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| Call protection: | Two years
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| Trade date: | April 17
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| Settlement date: | April 29
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| Ratings: | Moody’s: Ba1
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| S&P: BBB-
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| Fitch: BBB
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| Distribution: | Rule 144A and Regulation S
|
| Marketing: | Roadshow
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|
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| Dollar notes
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| Amount: | $525 million
|
| Joint lead bookrunners: | BofA (bill and deliver) and Citigroup
|
| Joint bookrunners: | Barclays, Citizens Capital Markets, Goodbody, JPMorgan, Lloyds, Mediobanca, Mizuho, NatWest Markets, Santander and Wells Fargo
|
| Coupon: | 6 3/8%
|
| Price: | Par
|
| Yield: | 6 3/8%
|
| Spread: | 172 bps
|
| Price talk: | 6½% area
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|
|
| Euro notes
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| Amount: | €500 million
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| Joint lead bookrunners: | Barclays (bill and deliver), Mediobanca, NatWest and Santander
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| Joint bookrunners: | BofA, Citigroup, Citizens, Goodbody, JPMorgan, Lloyd, Mizuho and Wells Fargo
|
| Coupon: | 5%
|
| Price: | Par
|
| Yield: | 5%
|
| Spread: | 257 bps
|
| Price talk: | 5¼% area
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