Sky Betting revises issue price on U.S. and sterling term loans to par

By Sara Rosenberg

New York, July 24 – Sky Betting & Gaming changed the issue price on its $450 million seven-year term loan and its £465 million seven-year term loan to par from revised talk in the range of 99.5 to 99.75 and initial talk of just 99.5, according to a market source.

Pricing on the U.S. term loan is Libor plus 350 basis points with a 0% Libor floor and pricing on the sterling term loan is Libor plus 425 bps with a 0% Libor floor.

Earlier in syndication, pricing on the U.S. term loan was reduced from talk of Libor plus 375 bps and the size was modified from $300 million, and pricing on the sterling term loan was lowered from talk of Libor plus 450 bps.

As before, the term loans have 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 10 a.m. ET on Tuesday, the source added.

Allocations are targeted for either Tuesday or Wednesday morning.

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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