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Entain Holdings term loan B hits secondary market following size, pricing changes
By Sara Rosenberg
New York, Oct. 18 – Entain Holdings Ltd. (GVC Finance LLC) increased the size of its term loan B, set the spread at the low end of guidance, tightened the original issue discount and modified MFN before freeing up for trading on Tuesday.
Entain raised its seven-year covenant-lite term loan B to $1 billion from $750 million, firmed pricing at SOFR plus 350 basis points, the low end of the SOFR plus 350 bps to 375 bps talk, and changed the original issue discount to 97.5 from 97, a market source remarked.
In addition, the MFN on the term loan was revised to 50 bps for 12 months from 75 bps for 12 months, the source continued.
As before, the term loan has 10 bps CSA, a 0.5% floor and 101 soft call protection for one year.
Meanwhile, the secondary market in general was unchanged to up about a quarter of a point with a decent amount of trading activity.
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