Entain PLC Successful pricing and allocation of new Term Loan (3303D)
19 Outubro 2022 - 3:00AM
UK Regulatory
TIDMENT
RNS Number : 3303D
Entain PLC
19 October 2022
For Release at 7.00am
19 October 2022
Entain plc
("Entain" or the "Group")
Successful pricing and allocation of new Term Loan following
strong global demand
Entain plc (LSE: ENT), the global sports betting, gaming and
interactive entertainment group, today
announces the pricing and allocation of a $1,000m First Lien
Term Loan B in USD ("the New Loan"), with maturity in October
2029.
The New Loan was upsized from $750m to $1,000m following strong
demand from global credit investors. The proceeds of the New Loan
will be used:-
-- to finance the acquisition of SuperSport ( announced on 11
August 2022 and expected to complete during Q4), by Entain CEE, the
new venture being formed by Entain and EMMA Capital; and
-- to maximise Entain's liquidity and provide further balance
sheet flexibility. In particular, the acquisition of BetCity (
announced on 14 June 2022 and expected to complete during Q4) will
no longer require drawings on the Group's revolving credit
facility.
The New Loan was priced at Term SOFR(1) + credit adjustment
spread of 10 bps + margin of 350 bps(2) and was allocated at 97.5.
The Group intends to enter into hedging arrangements (including
cross-currency swaps to effectively convert the entire borrowing
into EUR, and fixed/floating interest rate swaps) which should
result in an overall fixed cash cost of financing for the New Loan
of approximately 6.2%(3) until September 2024.
The New Loan is expected to fund by the end of October.
Notes:
(1) Secured Overnight Financing Rate (SOFR), subject to a 0.5% floor
(2) +/- 25bps if Leverage as defined in the Senior Facilities
Agreement dated 7 July 2021 is greater than 3x / less than 2x
(3) Excludes amortisation of fees and original issue discount, which should equate to 0.5% p.a.
Enquiries:
Treasury - Entain plc
Charlie Sutters, Director of Tax, Treasury & Insurance charlie.sutters@entaingroup.com
Investor Relations - Entain plc investors@entaingroup.com
David Lloyd-Seed, Chief IR & Communications Officer david.lloyd-seed@entaingroup.com
Davina Hobbs, Head of Investor Relations davina.hobbs@entaingroup.com
Callum Sims, IR Manager callum.sims@entaingroup.com
Media - Entain plc media@entaingroup.com
Lisa Attenborough, Head of Corporate Communications lisa.attenborough@entaingroup.com
Jay Dossetter, Head Corporate PR jay.dossetter@entaingroup.com
Jodie Hitch, PR Manager Jodie.hitch@entaingroup.com
Powerscourt Tel: +44 (0) 20 7250 1446
Rob Greening/Nick Hayns/Sam Austrums entain@powersco urt-group.com
About Entain plc
Entain plc (LSE: ENT) is a FTSE100 company and is one of the
world's largest sports-betting and gaming groups, operating both
online and in the retail sector. The Group owns a comprehensive
portfolio of established brands; Sports Brands include bwin, Coral,
Crystalbet, Eurobet, Ladbrokes, Neds, Sportingbet and Sports
Interaction; Gaming Brands include Foxy Bingo, Gala, GiocoDigitale,
Ninja Casino, Optibet, Partypoker and PartyCasino. The Group owns
proprietary technology across all its core product verticals and in
addition to its B2C operations provides services to a number of
third-party customers on a B2B basis.
The Group has a 50/50 joint venture, BetMGM, a leader in sports
betting and iGaming in the US. Entain provides the technology and
capabilities which power BetMGM as well as exclusive games and
products, specially developed at its in-house gaming studios. The
Group is tax resident in the UK, operating in over 40 regulated or
regulating territories. Entain is a leader in ESG, a member of
FTSE4Good, the DJSI and is AA rated by MSCI. The Group has set a
science-based target, committing to be carbon net zero by 2035 and
through the Entain Foundation supports a variety of initiatives,
focusing on safer gambling, grassroots sport, diversity in
technology and community projects. For more information see the
Group's website : www.entaingroup.com
LEI: 213800GNI3K45LQR8L28
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