Split-rated deal run off the HY desk: Flutter Treasury DAC (Flutter Entertainment plc)
(FLUT/FLTR) approx US$2.3bn multi-currency (EUR/US$/GBP) 144A/Reg S sr
sec notes 3-part. Ba1/BBB-/BBB (--/positive/stable). No reg rights. List
ISE. NY law. Settles 06/04 (T+8).
- EUR550m (up from EUR400m minimum) due 06/04/31 (6y). NC2
(04/15/27) (MWC B+50bp), then at 102.00, 101.00, 100. Equity claw: 2y
40% at 104.00. Special call: 10% per year the first 2 years at 103. Via
Barc (B&D)/Mediobanca/Santander/UniCredit jt lead
books/BofA/Citi/Citizens/Goodbody/GS/JPM/Lloyds/Mizuho/NatWest/WFS jt
books. CoC at 101. Reg S ISIN: XS3049816013. IPT: low-mid 4s. Price
talk: 4.00%-4.25%. Priced: 4.00% at 100. +173bp vs DBR 0% 08/31/31.
- US$1bn (up from US$500m minimum) due 06/04/31 (6y). NC2
(04/15/27) (MWC T+50bp), tehn at 102.938, 101.469, 100. Equity claw: 2y
40% at 105.875. Special call: 10% per year the first 2 years at 103. Via
BofA (B&D)/Citi jt lead
books/Barc/Citizens/GS/Goodbody/JPM/Lloyds/Mediobanca/Mizuho/NatWest/Santander/UniCredit/WFS
jt books. CoC at 101. 144A CUSIP: 344045AB5. IPT: low 6s. Price talk:
5.875%-6.00%. Priced: 5.875% at 100. +164bp vs UST 4.625% 5/31/31.
- GBP450m (up from GBP350m minimum) due 06/04/31 (6y). NC2
(04/15/27) (MWC G+50bp), then at 103.063, 101.531, 100. Equity claw: 2y
40% at 106.125. Special call: 10% per year the first 2 years at 103.
Via GS (B&D)/NatWest jt lead
books/Barc/BofA/Citi/Citizens/Goodbody/JPM/Lloyds/Mediobanca/Mizuho//Santander/UniCredit/WFS
jt books. CoC at 101. Reg S ISIN: XS3045497347. IPT: mid-high 6s. Price
talk: 6.25% area (+/-12.5bp). Priced: 6.125% at 100. +193bp vs UKT 0.25% 07/31/31.
US$250m increase in the term loan B will be used for GCP. Did
investor call at 10am NYT/3pm UKT 05/21. Books closed 4pm UKT/11am NYT
05/22. Run off the HY desk. UOP: along with US$750m (up from US$500m)
term loan B and $25m cash on hand, to repay the US$2.8bn sr sec bridge
loan that was incurred to fund the acquisition of Playtech's Italian
gaming biz Snaitech SpA (Pluto (Italia) SpA) for EUR2.3bn in cash ($250m
term loan upsize for GCP). Biz: the world's leading online sports
betting and iGaiming operator with a range of global brands, including
FanDuel, Sky Betting & Gaming, Sportsbet, PokerStars, Paddy Power,
Sisal, Snai, tombola, Betfair, MaxBet, Junglee Games, Adjarabet and
Betnacional. HQ: New York, NY/Dublin, Ireland. (Acquisition announced
09/17/24; and completed 04/20/25 using the bridge loan).Netroadshow: https://www.netroadshow.com/events/login?show=243bf150&confId=82990