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Commentary & Deal Flow

NEW ISSUE: Flutter Entertainment US$1.05bn (US$/EUR) 5NC2 sr sec, IPTs $ high 6s, EUR mid 5s, on the road

HYC US Market: Deal Flow - GeneralHYC European Market: Deal Flow - General

Flutter Treasury DAC (Flutter Entertainment plc) (FLTR) US$1.050bn equivalent (EUR/US$) 5NC2 144A/Reg S sr sec notes 2-part. --/BBB- (--/positive). No reg rights. List ISE. NY law.

- US$ TBD (minimum benchmark size) sr sec notes due 2029 (5y). NC2 (50%,25%,par). Via BofA (B&D)/Citi jt lead books/Barc/Citizens/Goodbody/JPM/Lloyds/Mediobanca/Mizuho/NatWest/Santander/WFS jt books. IPT high 6s.

- EUR TBD (minimum benchmark size). sr sec notes due 2029 (5y). NC2 (50%,25%,par). Via Barc (B&D)/Mediobanca/NatWest/Santander jt lead books/ BofA/Citi/Citizesn/Goodbody/JPM/Lloyds/Mizuho/WFS jt books. IPT: mid 5s.

Roadshow today-tomorrow (investor call at 11am NYT/4pm UKT today). UOP: Refinance its existing EUR507m term Loan B due 2026, repay drawings under 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.