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by Stephen Carter
Nov 12, 2025 3:11 PM ET
Entain plc (ENTLN) EUR500m (from EUR500minimum) (EUR/GBP) Reg S only sr sec notes due 11/30/31 (6y). NC2 (11/15/27) (MWC B+50bp), then at 102.4375 11/15/27, 101.21875 11/15/28, 100 11/15/29. Equity claw: 2y 40% at 104.875. Special call: 10% per year the first two years at 103. Ba1/BB-/BB+ (negative/stable/stable). Via Barc (B&D)/NatWest/Lloyds/Santander jt glocos and physical books/BofA/Mediobanca/MS/WFS jt books. List ISE. NY law. CoC at 101. Denoms: 100kx1k. Settles 11/24 (T+8). ISIN: XS3229426138. IPT: 4.50% area. Price talk: 4.875%.
Priced: 4.875% at 100.
(Originally EUR800m equivalent minimum 2-part with a GBP tranche: sr sec notes due 2031 (6y). NC2 (MWC G+50bp) (50%,25%,par). Equity claw: 2y 40%. Special call: 10% per year the first two years at 103. CoC at 101. Denoms: 100kx1k. IPT: 6.50% area). Roadshow (small group meetings - virtual) 11/10-11 (investor call at 11am 11/10). Books closed at 4:30pm UKT 11/12. UOP: repay its EUR1.082bn term loan B4 due 2028. Biz: a leading sports betting and gaming companies, with leadership positions in key markets, such as the United Kingdom, the United States, Australia, Italy, Croatia, Poland and Brazil. HQ: London, UK.
Netroadshow link: https://urldefense.com/v3/__https:/www.netroadshow.com/events/login/LE9zwo3hyhqh8ynOQyvgTZ6k6I5FFpfwIUD__;!!G7x19LdBoP0e!hdpiL2iwRQvhSxigbkMuE3QfRbru9YogH_6qMFI_IWIG4U-XF9NCGlVeA-oTViJAaxRMT18eh8w6bnzCG5rcPZ8u2By3jpiY$.