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Entain ups total term loans amount, sets U.S. and euro tranche sizes
By Sara Rosenberg
New York, June 23 – Entain plc upsized its total amount of U.S. and euro senior secured covenant-lite term loans to £500 million equivalent from £400 million equivalent, and set the split as a fungible $385 million add-on term loan B-2 due October 2029 and a fungible €230 million add-on term loan B due June 2028, according to a market source.
Also, the original issue discount on the U.S. add-on term loan was changed to 99 from talk in the range of 98 to 98.5, and the discount on the euro add-on term loan was tightened to 99 from revised talk in the range of 98 to 98.5 and initial talk in the range of 97.5 to 98, the source said.
Pricing on the U.S. add-on is SOFR+10 basis points CSA plus 350 bps with a 0.5% floor and pricing on the euro add-on is Euribor plus 375 bps with a 0% floor.
Like the existing loans, the U.S. add-on has 101 soft call protection until October 2023 and the euro add-on has 101 soft call protection until January 2024.
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., Bank of Ireland, Barclays, Deutsche Bank Securities Inc., Lloyds Bank, Mediobanca and Santander are joint bookrunners on the loans. Wilmonton is the agent.
Recommitments were scheduled to be due at 10 a.m. ET on Friday, the source added.
Proceeds will be used to repay notes at Ladbrokes, to pay related fees and expenses, and, due to the upsizing, for general corporate purposes.
Entain is a Douglas, Isle of Man-based sports-betting, gaming and interactive entertainment group.
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