Entain launches $250 million, €500 million term loans to investors

By Sara Rosenberg

New York, Nov. 28 – Entain plc held a lender call at 11 a.m. ET on Monday to launch a fungible $250 million add-on term loan B due October 2029 and a €500 million term loan B due June 2028, according to market sources.

Price talk on the U.S. term loan is SOFR+10 basis points CSA plus 350 bps with a 0.5% floor and an original issue discount of 98, and talk on the euro term loan is Euribor plus 375 bps with a 0% floor and a discount of 97, sources said.

The euro term loan has 101 soft call protection for one year. Call protection on the add-on U.S. term loan is the same as the call protection on the existing U.S. term loan B.

Deutsche Bank Securities Inc. is the left lead and sole physical bookrunner on the U.S. term loan and Barclays is a physical bookrunner. Barclays and Deutsche are the joint global coordinators and physical bookrunners on the euro term loan. Mandated lead arrangers include Lloyds, Mediobanca, Morgan Stanley Senior Funding Inc., Natwest and Santander. Wilmington Trust is the administrative agent.

Commitments for the U.S. term loan are due at 5 p.m. ET on Thursday, and commitments for the euro term loan are due at 7 a.m. ET on Friday, sources added.

Proceeds from the U.S. term loan will be used to partially repay a euro term loan due March 2024, and the proceeds from the euro term loan will be used to extend by 4.25 years some of the existing euro term loan debt due March 2024.

Entain is a Douglas, Isle of Man-based sports-betting, gaming and interactive entertainment group, operating both online and in the retail sector.

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