04/17/2024 Flutter Treasury DAC (Flutter Entertainment plc) (FLTR) approx US$1.065bn equivalent (EUR/US$) 5NC2 144A/Reg S sr sec notes 2-part. Ba1/BBB-/BBB (stable/positive/stable). No reg rights. List ISE. NY law. Settles 04/29 (T+8).
- US$525m (from minimum benchmark size) sr sec notes due 04/29/29 (5y). NC2 (MWC T+50bp), then at 103.188, 101.594, 100. Equity claw: 2y 40% at 106.375. Special call: 10% per year the first 2 years at 103. Via BofA (B&D)/Citi jt lead books/Barc/Citizens/Goodbody/JPM/Lloyds/Mediobanca/Mizuho/NatWest/Santander/WFS jt books. 144A CUSIP: 344045AA7. IPT high 6s. Px talk: 6.50% area. Final terms: $525m at 6.375%. Priced: 6.375% at 100. +172bp vs UST 4.125% 03/31/29.
- EUR500m (from minimum benchmark size). sr sec notes due 04/2929 (5y). NC2 (MWC B+50bp), then at 102.50, 101.25, 100. Equity claw: 2y 40% at 105.00. Special call: 10% per year the first 2 years at 103. Via Barc (B&D)/Mediobanca/NatWest/Santander jt lead books/ BofA/Citi/Citizesn/Goodbody/JPM/Lloyds/Mizuho/WFS jt books. Reg S ISIN: XS2805234700. IPT: mid 5s. Px talk: 5.25% area. Final terms: EUR500m at 5.00%. Priced: 5.00% at 100. +257bp vs DBR 0.25% 02/15/29.
Roadshow 04/16-17 (investor call at 11am NYT/4pm UKT 04/16). Books closed at 11:30am NYT / 4:30pm UKT 04/17 (originally closing at 10:30am NYT / 3:30pm UKT 04/17). UOP: Refinance its existing EUR507m term Loan B due 2026, repay $481m of the $735m drawn on its revolver. Biz: The world’s leading online sports betting and iGaming operator with substantial scale, a diverse portfolio of leading recreational brands and complementary products with a global reach. HQ: Dublin, Ireland.