IN BRIEF: Entain extends dollar term loan and lowers interest costs
Entain PLC - Isle of Man-based sports betting and gaming operator with Labrokes and Coral brands - Lowers the interest rate on two term loans and extends the length of one. Its USD2.22 billion loan will have its margin over the secured overnight finance rate reduced by 50 basis points to 225bps. The maturity dates remains October 31, 2029. Its USD1.10 billion loan has its margin reduced by 35 basis points, also to 225bps, and its maturity date is extended to July 31, 2032 from March 29, 2027. The first loan had been issued at par and the second at 99.875% of face value. Entain said its net debt is unchanged by the refinancing, which is expected to reduce its annual interest bill by GBP10 million. Entain had net debt of GBP3.34 billion at the end of 2024. Read More