Flutter starts brief roadshow for $1.05 billion equivalent dollar, euro secured notes

By Paul A. Harris

Portland, Ore., April 16 – Flutter Entertainment plc began marketing $1.05 billion equivalent of Flutter Treasury DAC five-year senior secured notes on Tuesday (BBB-/BBB), according to a syndicate source.

A roadshow runs through Wednesday with pricing expected thereafter.

The deal features dollar-denominated notes with 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 deal also features euro-denominated notes with initial guidance in the mid-5% area. Joint lead bookrunner Barclays will bill and deliver for the dollar-denominated notes. Mediobanca, NatWest and Santander are also joint lead bookrunners. BofA, Citigroup, Citizens, Goodbody, JPMorgan, Lloyd, Mizuho and Wells Fargo are joint bookrunners.

Tranche sizes remain to be determined.

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.

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