Sky Betting lowers spreads on U.S. dollar and sterling term loans

By Sara Rosenberg

New York, July 21 – Sky Betting & Gaming reduced pricing on its U.S. seven-year term loan to Libor plus 350 basis points from talk of Libor plus 375 bps and on its sterling seven-year term loan to Libor plus 425 bps from talk of Libor plus 450 bps, according to a market source.

Also, the original issue discount talk on the term loans was revised to a range of 99.5 to 99.75 from initial talk of just 99.5, the source said.

The dollar and sterling term loans will total £810 million equivalent. It is expected that the dollar tranche will be at least $450 million, modified from earlier talk of $300 million.

As before, the term loans have a 0% Libor floor and 101 soft call protection for six months.

The company’s £845 million equivalent of credit facilities (B2/B) also include a £35 million revolver.

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

Recommitments are due at the close of business on Monday, the source added.

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

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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