REG - Entain PLC - Refinancing of EU1,125m Term Loan B due March 2024

EntainAnnouncement

06/12/2022 07:00

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RNS Number : 7257I  Entain PLC  06 December 2022

6 December
2022

Entain plc

("Entain" or the "Group")

 

Refinancing of €1,125m Term Loan B due March 2024

 

Entain plc (LSE: ENT), the global sports betting, gaming and interactive
entertainment group, today

announces the pricing and allocation of two new tranches of First Lien Term
Loan B ("the New Loans") as follows:-

 

1.     EUR tranche of €800m, with maturity in June 2028, priced at
EURIBOR(1) + margin of 375 bps(2) and allocated at an original issue discount
of 97.5;

 

2.     USD tranche of $375m (an add-on to the $1,000m loan issued in
October 2022), 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 98.75.

 

The New Loans will fund in January 2023. The proceeds of the New Loans will be
used to immediately repay the entire €1,125m Term Loan B due March 2024.

 

The Group intends to enter into hedging arrangements in respect of the New
Loans and details of these will be disclosed in due course.

 

When the New Loans have been funded and the March 2024 loan repaid, Entain's
borrowings will be as follows:

 

 Type of debt               Quantum           Date of issue/closing    Maturity        Interest rate
 Bonds                      £400m             08-Nov-2016              08-Sep-2023(4)  5.125% fixed
 Term Loan B                $1,125m(6,7)      29-Jul-2021              29-Mar-2027     LIBOR+2.50%(2)

                            €800m             January 2023             30-Jun-2028     EURIBOR + 3.75%
                            $1,375m(6)        31-Oct-2022 ($1,000m)    31-Oct-2029     Term SOFR(3) +3.60%(2)

                                              / January 2023 ($375m)
 Revolving Credit Facility  £590m (undrawn)   12-Jul-2021              12-Jul-2026     SONIA(5)+2.50%(2)

 

 

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

(4)   Can be repaid at par in the 90 days prior to maturity i.e. from 10
June 2023

(5)   SONIA applies for GBP drawings only - other reference rates apply for
other currencies, in all cases subject to a 0% floor

(6)   Subject to 1% annual amortisation

(7)   Effectively swapped into EUR via cross-currency swaps

 

 

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 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
(http://www.entaingroup.com)

LEI: 213800GNI3K45LQR8L28

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