Entain reprices, extends dollar-denominated term loans

(Sharecast News) - Entain announced the successful repricing and extension of its dollar-denominated term loans on Thursday, in a move that it said would reduce annual interest costs by £10m while extending the maturity profile of its debt. The FTSE 100 gambling giant, which owns brands including Ladbrokes, Cora and BetMGM, said the refinancing was net debt neutral.

It said it reduced the margin on its $1.1bn Term Loan B, previously due in March 2027, by 35 basis points to 225 basis points over Term SOFR.

The maturity was extended to July 2032, and the loan was allocated at an original issue discount of 99.875.

Entain also repriced its larger $2.2bn Term Loan B due October 2029, cutting the margin by 50 basis points to 225 basis points over Term SOFR.

That facility was allocated at par and the maturity remained unchanged.

The company said the refinancing actions would enhance its capital structure by lowering funding costs and extending maturities, without increasing leverage.

At 1201 BST, shares in Entain were down 0.47% at 1,012.25p.

Reporting by Josh White for Sharecast.com.