Sky Betting reveals talk on £810 million equivalent U.S. dollar and pound sterling loan

By Sara Rosenberg

New York, July 10 – Sky Betting & Gaming came out with price talk on its £810 million equivalent seven-year U.S. dollar and pound sterling term loan in connection with its London bank meeting on Monday, according to a market source.

A bank meeting for U.S. investors will take place at 10 a.m. ET in New York on Tuesday.

The U.S. term loan is talked at Libor plus 375 basis points with a 0% Libor floor and an original issue discount of 99.5, and the sterling term loan is talked at Libor plus 450 bps with a 0% Libor floor and a discount of 99.5, the source said.

Both term loans have 101 soft call protection for six months.

The company’s £845 million equivalent of credit facilities also include a £35 million revolver.

Goldman Sachs Bank USA, Barclays and NatWest Markets are the bookrunners on the deal.

Proceeds will be used to refinance an existing £340 million term loan B and to make a one-off distribution to shareholders.

Commitments are due on July 2.

For the last-12-months period to March, the company generated revenues of £488 million and EBITDA of £140 million.

Sky Betting, a CVC portfolio company, is an online betting and gaming company, operating predominately in the United Kingdom with recent expansion to Italy and Germany.

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