Entain PLC Pricing and allocation of new Term Loan (5788F)
July 16 2021 - 11:55AM
UK Regulatory
TIDMENT
RNS Number : 5788F
Entain PLC
16 July 2021
16 July 2021
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 and gaming
entertainment group, today announces the pricing and allocation of
a $1,125m First Lien Term Loan B in USD ("the New Loan"), with
maturity on 29 March 2027.
The proceeds of the New Loan will be used to refinance/repay the
existing $774m USD First Lien Term Loan B, which is due to mature
on 29 March 2024, and provide additional funds of $351m (c.
GBP250m) to support corporate development and M&A.
Following very strong demand from global credit investors, the
New Loan has been priced at LIBOR(1) +250bps(2) and was allocated
at 99.75.
The borrowers will be Entain's wholly owned subsidiaries Entain
Holdings (Gibraltar) Limited and GVC Finance LLC. The transaction
is expected to close by the end of July.
Notes:
(1) LIBOR 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
Enquiries:
T reasury - Entain plc
Charlie Sutters - Director of Tax, Treasury & Insurance charlie.sutters@entaingroup.com
Investor Relations - Entain plc investors@entaingroup.com
David Lloyd-Seed, Group Director of Investor Relations & Corporate Communications david.lloyd-seed@entaingroup.com
Davina Hobbs, Senior Investor Relations Manager
davina.hobbs@entaingroup.com
j ennifer.spencer@entaingroup.com
Media - Powerscourt Tel: +44 (0) 20 7250 1446
Rob Greening / Elly Williamson entain@powerscourt-group.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,
Bet.pt, Coral, Crystalbet, Eurobet, Ladbrokes, Neds and
Sportingbet; Gaming Brands include CasinoClub, Foxy Bingo, Gala,
Gioco Digitale, 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
also entered into a joint-venture with MGM Resorts to capitalise on
the sports betting and gaming opportunity in the US, through
BetMGM. Entain provides the technology which powers BetMGM and
exclusive games and products, specially developed at its in-house
gaming studios. The Group is tax resident in the UK with licenses
in a total of 27 regulated markets. Entain is a leader in ESG, a
member of FTSE4Good, the DJSI and is AA rated by MSCI. The Group
has set Science Based Targets, 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
LEI: 213800GNI3K45LQR8L28
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END
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