Entain launches $750 million term loan B at SOFR plus 350-375 bps

By Sara Rosenberg

New York, Oct. 6 – Entain Holdings Ltd. (GVC Finance LLC) launched on Thursday its $750 million seven-year covenant-lite term loan B (Ba1/BB/BB+) with price talk of SOFR+10 basis points CSA plus 350 basis points to 375 bps with a 0.5% floor and an original issue discount of 97, according to a market source.

The term loan has 101 soft call protection for one year.

Deutsche Bank Securities Inc., Lloyds, Mediobanca, NatWest and Santander are the bookrunners on the deal. Wilmington Trust is the administrative agent.

Commitments are due at noon ET on Oct. 18.

Proceeds will be used to fund the acquisition of 75% of the economic rights in SuperSport Group from EMMA Capital for €600 million in cash at completion and a further contingent payment that is expected to be €90 million made to EMMA in early 2023 based on SuperSport’s EBITDA for the financial year ending 2022.

EMMA will contribute its 25% stake in SuperSport to Entain at an initial implied valuation of €200 million, with the contingent payment implying an additional €30 million value contributed by EMMA.

Closing is expected in the fourth quarter, subject to regulatory approvals.

Entain is a Douglas, Isle of Man-based sports-betting, gaming and interactive entertainment group. SuperSport is a gaming and sportsbook operator in Croatia.

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