Moody's rates Entain loan Ba1

Moody's said it rated Entain Holdings (Gibraltar) Ltd.’s planned €500 million extended senior secured term loan due June 2028, Ba1.

The outstanding $1 billion senior secured term loan due 2029 (TLB2) issued by Entain Holdings is also rated Ba1 and unaffected by the $250 million add-on. The extension and the add-on are expected to be placed in December.

“The proposed transaction represents a partial refinancing of the €1.125 billion senior secured term loan B3 (TLB3) due in March 2024 and is expected to be leverage neutral; the proceeds from the TLB2 add-on will be used to pre-pay TLB3 and reduce the March 2024 payment to about €385 million, while the remaining €500 million are to be extended to June 2028,” Moody’s said in a press release.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.