Entain raises U.S. term loan to $375 million, euro to €800 million

By Sara Rosenberg

New York, Dec. 1 – Entain plc upsized its U.S. fungible add-on term loan B due October 2029 to $375 million from $250 million and its euro term loan B due June 2028 to €800 million from €500 million, according to a market source.

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.

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 continued to be due at 5 p.m. ET on Thursday, and commitments for the euro term loan continue to be due at 7 a.m. ET on Friday, the source added.

As a result of the upsizings, proceeds will be used to repay in full a euro term loan due March 2024, as opposed to repaying a portion of the debt, and to cover transaction fees and expenses.

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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