Flutter’s Stars starts consent solicitation for 7% notes due 2026

Chicago, April 12 – Flutter Entertainment plc’s Stars Group Holdings BV and Stars Group (US) Co-Borrower, LLC launched a consent solicitation regarding the $1 billion of 7% senior notes due 2026 (Cusips: N8233NAA4, 85572NAA6), according to an announcement.

The purpose of the solicitation is to waive certain defaults or events of default that may arise as a result of proceedings brought against the company by the Commonwealth of Kentucky.

Kentucky has ruled against the company for just under $1.3 billion regarding losses of Kentucky players who played in illegal offshore online poker games in a lawsuit against subsidiaries that dates back to 2008, according to Casino.org.

A majority of noteholders must consent to the proposed amendments to give effect to the proposed changes.

Consent noteholders will receive $2.50 per $1,000 principal amount if adequate consents are received or if the solicitation is not terminated before the effective time.

The expiration time for consents is 5 p.m. ET on April 16.

The information and tabulation agent is D.F. King & Co., Inc. (212 269-5550, 800 249-7148, +44 20 7920 9700 or tsg@dfking.com).

Deutsche Bank Securities Inc. is the solicitation agent (212 250-7527, 855 287-1922).

Stars Group is a Toronto-based provider of technology-based products and services in the gaming and interactive entertainment industries. Flutter Entertainment acquired Stars Group and is a sports betting, gaming and entertainment provider based in Dublin.

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