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Entain lifts term loan B to $1 billion, firms at SOFR plus 350 bps
By Sara Rosenberg
New York, Oct. 18 – Entain Holdings Ltd. (GVC Finance LLC) upsized its seven-year covenant-lite term loan B to $1 billion from $750 million and finalized pricing at SOFR plus 350 basis points, the low end of the SOFR plus 350 bps to 375 bps talk, according to a market source.
Also, the original issue discount on the term loan was tightened to 97.5 from 97 and MFN was revised to 50 bps for 12 months from 75 bps for 12 months, the source said.
The term loan still has 10 bps CSA, a 0.5% floor and 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.
Recommitments were scheduled to be due at 12:30 p.m. ET on Tuesday, the source added.
Proceeds will be used to fund the acquisition of 75% of the economic rights in SuperSport Group from EMMA Capital and, due to the upsizing, for general corporate purposes and to provide further balance sheet flexibility in relation to planned capital uses/refinancings in the quarters ahead.
SuperSport is being bought 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 this 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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