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Stars discloses price talk on $4.98 billion equivalent term loan B
By Sara Rosenberg
New York, June 15 – The Stars Group Inc. released price talk on its $4,975,000,000 equivalent seven-year covenant-light term loan B in connection with its London bank meeting on Friday, according to a market source.
A bank meeting for U.S. investors will take place at 10:30 a.m. ET in New York on Monday.
The term loan B is split between a U.S. dollar tranche, a €1 billion tranche and a £400 million tranche.
Price talk on the U.S. piece is Libor plus 350 basis points with a 0% Libor floor and an original issue discount of 99.5, talk on the euro piece is Euribor plus 350 bps with a 0% floor and a discount of 99.5, and talk on the pound sterling piece is Libor plus 425 bps with a 0% Libor floor and a discount of 99.5, the source said.
All of the term loan B debt has 101 soft call protection for six months.
Deutsche Bank Securities Inc., Morgan Stanley Senior Funding Inc., Goldman Sachs Bank USA, Macquarie Capital (USA) Inc., Barclays, BMO Capital Markets and J.P. Morgan Securities LLC are the bookrunners on the deal.
Commitments are due at the close of business on June 28.
Proceeds will be used to help fund the acquisition of Sky Betting & Gaming from CVC Capital Partners and Sky plc for about $4.7 billion, of which $3.6 billion is payable in cash and the remainder is payable in around 37.9 million newly issued common shares.
Closing is expected in the third quarter, subject to regulatory approvals and customary conditions.
Stars Group is a Toronto-based provider of technology-based products and services in the gaming and interactive entertainment industries. Sky Betting is an online betting and gaming company.
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