Entain sets talk on $774 million and €300 million term loans

By Sara Rosenberg

New York, July 8 – Entain plc released price talk on its $774 million covenant-lite term loan B due March 2027 and €300 million covenant-lite term loan B due July 2028 with its lender call on Thursday, according to a market source.

The U.S. term loan is talked at Libor plus 275 basis points with a 0.5% Libor floor and an original issue discount of 99.5, and the euro term loan is talked at Euribor plus 275 bps to 300 bps with a 0% floor and a discount of 99.5, the source said.

The term loans have 101 soft call protection for six months.

Morgan Stanley Senior Funding Inc. is the physical bookrunner on the U.S. term loan. Barclays and Deutsche Bank Securities Inc. are the joint physical bookrunners on the euro term loan. Credit Suisse, Lloyds, Mediobanca, Natwest and Santander are bookrunners.

Commitments are due at 10 a.m. ET on July 16.

Proceeds will be used to refinance an existing $774 million term loan, to enhance liquidity and for ongoing corporate development.

Entain is a London-based online-led sports-betting and gaming group.

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