S&P rates Entain loan add-on BB

S&P said it affirmed Entain plc’s long-term issuer credit and issue ratings at BB and assigned a BB issue rating and 3 recovery rating to the proposed $750 million term loan B add-on, in line with other rated issues.

The outlook is stable.

Entain plc, through its wholly owned borrower subsidiaries Entain Holdings (Gibraltar) Ltd. and GVC Finance LLC, intends to issue a $750 million seven-year term loan B add-on to fund the acquisition of Croatia-based SuperSport.

As a result, S&P forecast an adjusted leverage increase to about 4x for 2022.

“However, we expect forecast weighted-average credit metrics to remain commensurate with the current rating, at 3x-4x on an S&P Global Ratings-adjusted basis (calculated using 2022-2024 forecasts),” S&P said in a news release.

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