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Entain plc
("Entain" or the “Group”)

Refinancing of €1,125m Term Loan B due March 2024

Entain plc (LSE: ENT), the global sports betting, gaming and interactive entertainment group, today announces the pricing and allocation of two new tranches of First Lien Term Loan B ("the New Loans") as follows:-

  1. EUR tranche of €800m, with maturity in June 2028, priced at EURIBOR1 + margin of 375 bps2 and allocated at an original issue discount of 97.5;
  2. USD tranche of $375m (an add-on to the $1,000m loan issued in October 2022), with maturity in October 2029, priced at Term SOFR3 + credit adjustment spread of 10 bps + margin of 350 bps2 and allocated at an original issue discount of 98.75.

The New Loans will fund in January 2023. The proceeds of the New Loans will be used to immediately repay the entire €1,125m Term Loan B due March 2024.

The Group intends to enter into hedging arrangements in respect of the New Loans and details of these will be disclosed in due course.

When the New Loans have been funded and the March 2024 loan repaid, Entain’s borrowings will be as follows:

Type of debt

Quantum

Date of issue/closing

Maturity

Interest rate

Bonds

£400m

08-Nov-2016

08-Sep-20234

5.125% fixed

Term Loan B

$1,125m6,7

29-Jul-2021

29-Mar-2027

LIBOR+2.50%2

€800m

January 2023

30-Jun-2028

EURIBOR + 3.75%

$1,375m6

31-Oct-2022 ($1,000m)

/ January 2023 ($375m)

31-Oct-2029

Term SOFR3 +3.60%2

Revolving Credit Facility

£590m (undrawn)

12-Jul-2021

12-Jul-2026

SONIA5+2.50%2

Notes:

  1. Subject to a 0% floor
  2. +/- 25bps if Leverage, as defined in the Senior Facilities Agreement dated 7 July 2021, is greater than 3x / less than 2x (and for RCF only, +/- a further 25bps if Leverage is greater than 4x / less than 1.75x)
  3. Secured Overnight Financing Rate (SOFR), subject to a 0.5% floor
  4. Can be repaid at par in the 90 days prior to maturity i.e. from 10 June 2023
  5. SONIA applies for GBP drawings only – other reference rates apply for other currencies, in all cases subject to a 0% floor
  6. Subject to 1% annual amortization
  7. Effectively swapped into EUR via cross-currency swaps

Inquiries:

Investor Relations - Entain plc

[email protected]

Media - Entain plc

[email protected]

Powerscourt
Rob Greening/Nick Hayns/Sam Austrums

Tel: +44 (0) 20 7250 1446
[email protected]

About Entain plc

Entain plc (LSE: ENT) is a FTSE100 company and is one of the world’s largest sports-betting and gaming groups, operating both online and in the retail sector. The Group owns a comprehensive portfolio of established brands; Sports Brands include bwin, Coral, Crystalbet, Eurobet, Ladbrokes, Neds, Sportingbet and Sports Interaction; Gaming Brands include Foxy Bingo, Gala, GiocoDigitale, Ninja Casino, Optibet, Partypoker and PartyCasino. The Group owns proprietary technology across all its core product verticals and in addition to its B2C operations provides services to a number of third-party customers on a B2B basis.

The Group has a 50/50 joint venture, BetMGM, a leader in sports betting and iGaming in the US. Entain provides the technology and capabilities that power BetMGM as well as exclusive games and products, specially developed at its in-house gaming studios. The Group is tax resident in the UK, operating in over 40 regulated or regulating territories. Entain is a leader in ESG, a member of FTSE4Good, the DJSI and is AA rated by MSCI. The Group has set a science-based target, committing to be carbon net zero by 2035 and through the Entain Foundation supports a variety of initiatives, focusing on safer gambling, grassroots sport, diversity in technology and community projects. For more information see the Group’s website: www.entaingroup.com

LEI: 213800GNI3K45LQR8L28