Commentary & Deal Flow

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.

- EUR400m minimum due 2031 (6y). NC2 (MWC B+50bp) (50%,25%,par). Equity claw: 2y 40%. 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. IPT: low-mid 4s.

- US$500m minimum due 2031 (6y). NC2 (MWC T+50bp) (50%,25%,par). Equity claw: 2y 40%. 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. IPT: low 6s.

- GBP350m minimum due 2031 (6y). NC2 (MWC G+50bp) (50%,25%,par). Equity claw: 2y 40%. 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. IPT: mid-high 6s.

Investor call at 10am NYT/3pm UKT 05/21. Pricing 05/22. Run off the HY desk. UOP: along with EUR500m 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. 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).

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