Moody’s rates Entain loans Ba1

Moody's Ratings said it affirmed Entain plc’s Ba1 corporate family rating, the Ba1-PD probability of default rating and the Ba1 senior secured revolving credit facility rating.

Moody's also affirmed Entain Holdings (Gibraltar) Ltd.'s Ba1 ratings on senior secured term loan B, B2 and B3.

The agency assigned a Ba1 rating to the proposed new tranches expected to be placed in April and issued by Entain Holdings (Gibraltar). These include a euro senior secured term loan B due in June 2028 and dollar senior secured term loan B due in 2029.

The new euro and dollar term loans will have a new interest rate margin and replace the existing €1.03 billion senior secured term loan B due in June 2028 and the $1.76 billion senior secured term loan B due in 2029.

The combined amount of the new term loans will be adding £600 million equivalent to the outstanding balances of the existing loans.

The agency said the outlook for both entities has been changed to negative from stable, reflecting the revision downwards of Moody's expectations for 2024 of EBITDA and free cash flow generation.

Moody's said it now expects that Entain will not meet the 3.5x Moody's leverage guidance for the Ba1 rating by end of 2024.

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