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Prospect News home > News index > List of issuers G > Headlines for GVC Finance LLC > News item
Published on 4/26/2024 in the Prospect News Bank Loan Daily.

Entain reprices with add-ons to dollar and euro term loans

Chicago, April 26 – Entain plc finished repricing and pricing for add-ons to two existing term loan tranches (Ba1/BB-/BB+) on Friday, according to a market source.

Through borrowers Entain Holdings (Gibraltar) Ltd. and GVC Finance LLC an existing $1.74 billion tranche with a $500 million add-on priced at SOFR plus 275 basis points without the 10 bps CSA that was previously in the interest calculation. The floor is 0.5%.

The discounts on the dollar loan are par for the repricing and 99.875 for the add-on. Earlier talk for the add-on was 99.5 to 99.75.

The dollar loan matures October 2029.

Entain Holdings (Gibraltar) Ltd. is the sole borrower on the €1.03 billion repricing and the €235 million add-on due June 2028.

Interest will be based on Euribor plus 325 bps, lowered from 350 bps. There is a 0% floor and no CSA.

No discount is being offered for the repricing, but lenders were offered a 99.75 discount for the add-on. Talk was for a discount of 99.5 to 99.75.

The 101 soft call protection for six months will be reset from the new closing date on both loans.

For the dollar loan, Deutsche Bank is the sole physical bookrunner. Joint bookrunners are Bank of America, Bank of Ireland, Barclays, Lloyds, Mediobanca, Morgan Stanley, NatWest and Santander.

For the euro loan, Deutsche Bank and NatWest are the physical bookrunners. The joint bookrunners list includes Bank of America, Bank of Ireland, Barclays, Lloyds, Mediobanca, Morgan Stanley and Santander.

The administrative agent is Wilmington Trust.

Recommitments were due at 10:30 a.m. ET on Friday.

Entain is an Isle of Man-based sports betting and gaming company.


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