Commentary & Deal Flow

+++Corrects GBP Price: 6.125% add-on at 100.125 (not 1100.125)+++

Split-rated deal run off the HY desk: Flutter Treasury DAC (Flutter Entertainment plc) (FLUT/FLTR) approx US$1.3bn (US$1.755bn total sr sec debt with TLB) multi-currency (EUR/US$/GBP) 144A/Reg S add-on to its 3-part sr sec notes due 06/04/31 (6y). Ba1/BBB-/BBB (stable/stable/stable). No reg rights. List ISE. NY law. Settles 08/07 (T+10).

- EUR300m add-on to its 4.00% sr sec notes due 06/04/31 (6y). NC1.75 (04/15/27) (MWC B+50bp), then at 102.00, 101.00, 100. Equity claw: 1.75y 40% at 104.00. Special call: 10% per year the first 1.75 years at 103. Via BofA/Citi/Citizens/Goodbody/GS/JPM/Llyods/NatWest/WFS jt books. CoC at 101. Day count 30/360. Pays April 15 and October 15, starting 10/15/25. Denoms 100x1. Reg S ISIN: XS3049816013. Immediately 144A fungible (Reg S after 40 days) with the EUR550m issue priced on 05/22/25. IPT: 99.50 – 99.75. Price talk: 99.875 area (+/- 0.125%). Priced: 4.00% add-on at 100. +170bp vs DBR 0% 08/31/31.

- US$625m add-on to its 5.875% sr sec notes due 06/04/31 (6y). NC1.75 (04/15/27) (MWC T+50bp), then at 102.938, 101.469, 100. Equity claw: 1.75y 40% at 105.875. Special call: 10% per year the first 1.75 years at 103. Via Barc/Citizens/GS/Goodbody/JPM/Llyods/Mediobance/NatWest/Santander/UniCtredit/WFS jt books. CoC at 101. Day count 30/360. Pays April 15 and October 15, starting 10/15/25. Denoms 200x1. 144A CUSIP: 344045AB5. Immediately 144A fungible (Reg S after 40 days) with the US$1bn issue priced on 05/22/25. IPT: 99.25 area (+/-0.125 pts). Price talk: 99.75 - par. Priced: 5.875% add-on at 100. +180bp vs 4.625% 05/31/31.

- GBP250m add-on to its 6.125% sr sec notes due 06/04/31 (6y). NC1.75 (04/15/27) ((MWC G+50bp), then at 103.063, 101.531, 100. Equity claw: 1.75y 40% at 106.125. Special call: 10% per year the first 1.75 years at 103. Via Barc/BofA/Citi/Citizens/Goodbody/JPM/Llyods/Mediobanca/Santander/UniCredit/WFS jt books. CoC at 101. Day count 30/360. Pays April 15 and October 15, starting 10/15/25. Denoms 100x1. Reg S ISIN: XS3045497347. Immediately 144A fungible (Reg S after 40 days) with the GBP450m issue priced on 05/22/25. IPT: 99.75 – 100.00. Price talk: Par area (+/- 0.125%). Priced: 6.125% add-on at 100.125, yield 6.10%. +194bp vs UKT 0.250% 07/31/31.

Did investor call at 10:15am NYT/3:15pm UKT 07/23. Books closed at 4pm UKT/11am NYT 07/24. Run off the HY desk. UOP: along with USD500m minimum fungible TLB Add-on, to finance acquisition of Boyd Gaming’s outstanding 5% minority interest in FanDuel for US$1.755bn in cash and the extension of the long-term strategic partnership with Boyd Gaming. 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 07/10/2025).

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