Entain changes euro add-on term loan B OID talk to 98-98.5

By Sara Rosenberg

New York, June 22 – Entain plc revised the original issue discount talk on its fungible euro add-on senior secured covenant-lite term loan B due June 2028 to a range of 98 to 98.5 from a range of 97.5 to 98, according to a market source.

The discount talk on the company’s fungible U.S. add-on senior secured covenant-lite term loan B-2 due October 2029 remained at 98 to 98.5.

As previously reported, the company is getting £400 million equivalent of term loans (Ba1/BB/BB+) split between the euro and U.S. add-ons, but the sizes of the tranches are to be determined.

Pricing on the euro add-on is Euribor plus 375 basis points with a 0% floor, and pricing on the U.S. add-on is SOFR+10 bps CSA plus 350 bps with a 0.5% floor.

Like the existing loans, the euro add-on has 101 soft call protection until January 2024 and the U.S. add-on has 101 soft call protection until October 2023.

Morgan Stanley Senior Funding Inc. is the sole physical bookrunner on the U.S. loan, and Morgan Stanley and NatWest are joint physical bookrunners on the euro loan. BofA Securities Inc., Barclays, Deutsche Bank Securities Inc., Lloyds Bank, Mediobanca and Santander are joint bookrunners on the loans.

Commitments for the euro term loan are due at 7 a.m. ET on Friday, accelerated from 10 a.m. ET on Friday, and commitments for the U.S. term loan continue to be due at 10 a.m. ET on Friday, the source added.

Proceeds will be used to repay notes at Ladbrokes and to pay related fees and expenses.

Entain is a Douglas, Isle of Man-based sports-betting, gaming and interactive entertainment group.

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