19th Oct 2022 10:02
Entain PLC - London-based gaming and sports-betting firm - Prices and allocates USD1.00 billion first lien term loan B, with a maturity date of October 2029. Ups the loans from USD750 million, following "strong demand from global credit investors". Says the loan will be used to finance the acquisition of SuperSport Group, expected to complete during the fourth quarter, and to maximise its liquidity and provide further balance sheet flexibility. Notes that the acquisition of BetCity, which is also expected to be complete in the fourth quarter of this year, will no longer require drawings on the company's revolving credit facility.
In August, Entain announced that it will buy a 75% stake in SuperSport, the gaming and sportsbook operator in Croatia. It agreed to pay EUR600 million at completion and a further EUR90 million based on SuperSport's earnings before interest, tax, depreciation and amortisation for 2022.
Current stock price: 1,172.00 pence, down 1.1% on Wednesday morning
12-month change: down 46%
By Sophie Rose; [email protected]
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