Flutter Entertainment revises loan tranching; Secondary market dips again

By Sara Rosenberg

New York, Sept. 15 – Flutter Entertainment plc increased the size of its U.S. dollar term loan B and its U.S. and euro term loan A as the decision was made to terminate plans for other euro denominated senior secured debt.

Also, according to some sources, there’s a possibility that a portion of the previously announced transactions that have not yet come to market may have items shifting in the background.

For example, one source heard that Nielsen Holdings plc “seems to be shifting tranches around in the background”.

Based on previous filings with the SEC, Nielsen’s debt commitment is for a $650 million secured revolver, a $6.35 billion secured first-lien term loan, a $2.15 billion secured second-lien term loan and a $2 billion secured bridge facility.

Regarding the secondary loan market, it was another day of heaviness, with the general market down about an eighth of a point to a quarter of a point, sources said.

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