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.
Skycity Appoints David Attenborough as Non-Executive Director
Skycity Entertainment Group has announced its intention to appoint former Tabcorp Managing Director and CEO David Attenborough as a non-executive director, pending regulatory approvals.
In a Friday morning filing, Skycity said Attenborough would join the Board of Directors in an advisory capacity with 1 March 2023 touted as his likely start date.
“David has extensive gambling industry and corporate governance and sustainability experience which will bring considerable expertise to the Skycity board,” Julian Cook, Chairman of Skycity, said.
Based in Sydney, Attenborough stepped down from his role at Tabcorp last year following the completion of a demerger from its lotteries business. He had led Tabcorp for 12 years, having taken on the top job in 2019.
888 Suspends VIP Activities in Middle East; CEO Steps Down
888 Holdings announced the departure of its chief executive on Monday, as it said it was suspending some VIP accounts in the Middle East pending the outcome of an internal compliance investigation.
Just weeks after announcing that chief financial officer Yariv Dafna had “mutually agreed” to step down from the business, 888 announced that CEO Itai Pazner is stepping down with immediate effect.
888 had said in January that Dafna was stepping down at the end of March, but the company has now said he will remain in his job until the end of the year.
Non-executive chair Lord Mendelsohn is assuming the position of executive chair on an interim basis while the company searches for a permanent CEO.
The news came alongside a separate statement in which the company said that an internal compliance review had revealed that “certain best practices” had not been followed in regard to “know your client” and anti-money laundering processes for 888 VIP customers in the Middle East region.
As a result, VIP activities in certain of its .com markets have been suspended pending the outcome of the investigation.
“While further internal investigations are underway, the board has taken the decision to suspend VIP customer accounts in the region, effective immediately. The board currently estimates that the impact is less than 3% of group revenues, should the suspensions remain in place,” 888 said.
888 said its current understanding is that the process deficiencies identified are isolated to the Middle East only.
Mendelsohn said: “The board and I take the group’s compliance responsibilities incredibly seriously. When we were alerted to issues with some of 888’s VIP customers, the board took decisive actions.
“We will be uncompromising in our approach to compliance as we build a strong and sustainable business.”
GameArt Launches Dedicated ICE London 2023 Page
GameArt has launched its dedicated ICE London 2023 page to facilitate bookings with the team prior to and during the gaming show, for visitors to get a taste of what they can expect from the GameArt team at ICE, and to permit users to download GameArt’s latest brochure.
Visitors to this page are able to get a taste of what they can expect from the GameArt team at ICE. The team is hosting a Pirate’s Battle Live Tournament with many prizes to be won including a cruise vacation package worth €1500. During this tournament, participants will get to play GameArt’s forthcoming Pirate’s Pearl Megaways slot game, which will go live in online casinos on February 28. Among the other activities at GameArt’s stand is the Pirate’s Pearl Ring Toss game. The GameArt team will be showcasing its new games roadmap and new Yeet&Sweet initiative, as well as Tronius’s new gaming machines powered by GameArt—Electronic Roulette and the Viserion multi-game machine.
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