REG - Entain PLC - Successful pricing and allocation of new Term Loan

EntainAnnouncement

19/10/2022 07:00

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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
(https://tools.eurolandir.com/tools/Pressreleases/GetPressRelease/?ID=4149229&lang=en-GB&companycode=lu-gvc&v=redesign)
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
(https://tools.eurolandir.com/tools/Pressreleases/GetPressRelease/?ID=4116715&lang=en-GB&companycode=lu-gvc&v=redesign)
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 (mailto:charlie.sutters@entaingroup.com)

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

 David Lloyd-Seed, Chief IR & Communications Officer          david.lloyd-seed@entaingroup.com (mailto:david.lloyd-seed@entaingroup.com)

 Davina Hobbs, Head of Investor Relations                     davina.hobbs@entaingroup.com (mailto:davina.hobbs@entaingroup.com)

 Callum Sims, IR Manager                                      callum.sims@entaingroup.com (mailto:callum.sims@entaingroup.com)

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

 Lisa Attenborough, Head of Corporate Communications          lisa.attenborough@entaingroup.com (mailto:lisa.attenborough@entaingroup.com)

 Jay Dossetter, Head Corporate PR                             jay.dossetter@entaingroup.com (mailto:jay.dossetter@entaingroup.com)

 Jodie Hitch, PR Manager                                      Jodie.hitch@entaingroup.com (mailto:Jodie.hitch@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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