GVC Holdings firms $786 million term loan issue price at par

By Sara Rosenberg

New York, Feb. 7 – GVC Holdings finalized the issue price on its $786 million covenant-lite first-lien term loan (Ba2/BB/BB+) due March 2024 at par, the tight end of the 99.75 to par talk, according to a market source.

Pricing on the term loan remained at Libor plus 225 basis points with a 1% Libor floor.

The term loan has 101 soft call protection for six months.

Credit Suisse Securities (USA) LLC is the left lead arranger on the deal.

Commitments continued to be due at 5 p.m. ET on Friday, the source added.

Proceeds will be used to reprice an existing term loan down from Libor plus 250 bps.

GVC is an Isle of Man-based sports betting and gaming group.

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