Sports-betting company Entain plc (ENT.L), on Tuesday, announced the pricing and allocation of two new tranches of First Lien Term Loan B.
The new loans include EUR tranche of €800 million, with maturity in June 2028, priced at EURIBOR + margin of 375 bps and allocated at an original issue discount of 97.5. Also included was USD tranche of $375 million (an add-on to the $1,000 million loan issued in October 2022), with maturity in October 2029, priced at Term SOFR + credit adjustment spread of 10 bps + margin of 350 bps and allocated at an original issue discount of 98.75.
The New Loans would fund in January 2023. The company has planned to use the proceeds of the New Loans to immediately repay the entire €1,125 million Term Loan B due March 2024.
Further, the company has intended to enter into hedging arrangements in respect of the New Loans and details of these would be disclosed in due course.
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