Flutter Entertainment term loan B frees to trade; Citrix, Covetrus deadlines coming up

By Sara Rosenberg

New York, Sept. 16 – Flutter Entertainment plc modified the original issue discount on its well-received term loan B and then the debt made its way into the secondary market on Friday.

Flutter Entertainment adjusted the original issue discount on its $1.25 billion term loan B due July 2028 (Ba1/BBB-/BBB) to 97.75 from 97, a market source remarked.

As before, the term loan B is priced at SOFR+CSA plus 325 basis points with a 0.5% floor, and has CSA of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate, and 101 soft call protection for one year.

Looking ahead, the week of Sept. 19 brings commitment deadlines for the other two large deals in market – Citrix Systems Inc. (Tibco Software Inc.) and Covetrus Inc. (Corgi BidCo Inc.) – and Brightspeed will be launching a new term loan B to investors.

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