REG - Entain PLC - Pricing and allocation of Term Loans

EntainAnnouncement

26/06/2023 08:00

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RNS Number : 8779D  Entain PLC  26 June 2023

26 June 2023

Entain plc

("Entain" or the "Group")

 

Successful pricing and allocation of £500m equivalent of Term Loans following
strong global demand

 

Entain plc (LSE: ENT), the global sports betting, gaming and interactive
entertainment group, announces the pricing and allocation of fungible add-ons
to two of its existing First Lien Term Loan B loans ("the New Loans") as
follows:

 

1.     EUR 230m, a fungible add-on to its existing EUR loan of €800m,
with maturity in June 2028, priced at EURIBOR(1) + margin of 375 bps(2) and
allocated at an original issue discount of 99; and

 

2.     USD 385m, a fungible add-on to its existing USD TLB2 loan of
$1,375m, with maturity in October 2029, priced at Term SOFR(3) + credit
adjustment spread of 10 bps + margin of 350 bps(2) and allocated at an
original issue discount of 99;

 

a total of c. £500m equivalent in GBP.

 

The New Loans will fund in July 2023. The majority of the net proceeds will be
used to immediately repay at par the £400m bonds issued by Ladbrokes Group
Finance plc due in September 2023.

 

 

Notes:

(1)   Subject to a 0% floor

(2)   +/- 25bps if Leverage as defined in the Senior Facilities Agreement
dated 7 July 2021 is greater than 3x / less than 2x (and for RCF only, +/- a
further 25bps if Leverage is greater than 4x / less than 1.75x)

(3)   Secured Overnight Financing Rate (SOFR), subject to a 0.5% floor

 

 

Enquiries:

 Investor Relations - Entain plc        investors@entaingroup.com (mailto:investors@entaingroup.com)

 Media - Entain plc                     media@entaingroup.com (mailto:media@entaingroup.com)

 Powerscourt                            Tel: +44 (0) 20 7250 1446

 Rob Greening/Nick Hayns/Sam Austrums   entain@powersco (mailto:entain@powerscourt-.com) urt-group.com
                                        (mailto:entain@powerscourt-.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 BetCity, bwin, Coral, Crystalbet, Eurobet, Ladbrokes, Neds,
Sportingbet, Sports Interaction and SuperSport; 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 and is the only
global operator to exclusively operate in domestically regulated or regulating
markets operating in over 40 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 (http://www.entaingroup.com)

LEI: 213800GNI3K45LQR8L28

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