Industry News

Entain Announces Successful Pricing and Allocation of New Term Loan

Published

3 years ago

October 20, 2022

Niji Narayan

Reading Time: < 1 minute

Entain plc, the global sports betting, gaming and interactive entertainment group, announced the pricing and allocation of a $1000m First Lien Term Loan B in USD (New Loan), with maturity in October 2029.

The New Loan was upsized from $750m to $1000m 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 + credit adjustment spread of 10 bps + margin of 350 bps 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% until September 2024.

The New Loan is expected to fund by the end of October.

Up Next

Lady Luck Games reintroduces pipe mechanics in latest release Astro Anna

Don't Miss

Huddly® Multi-Camera Experience showcased at Google Cloud Next 2022 to support adaptive framing

Niji Narayan

Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.