Entain PLC

Capital/Financing Update • Dec 6, 2022

National Storage Mechanism | Additional information

RNS Number : 7257I

Entain PLC

06 December 2022

6 December 2022                                                                                                                                                                     

Entain plc

("Entain" or the "Group")

Refinancing of €1,125m Term Loan B due March 2024

Entain plc (LSE: ENT), the global sports betting, gaming and interactive entertainment group, today

announces the pricing and allocation of two new tranches of First Lien Term Loan B ("the New Loans") as follows:-

1.     EUR tranche of €800m, with maturity in June 2028, priced at EURIBOR1 + margin of 375 bps2 and allocated at an original issue discount of 97.5;

2.     USD tranche of $375m (an add-on to the $1,000m loan issued in October 2022), with maturity in October 2029, priced at Term SOFR3 + credit adjustment spread of 10 bps + margin of 350 bps2 and allocated at an original issue discount of 98.75.

The New Loans will fund in January 2023. The proceeds of the New Loans will be used to immediately repay the entire €1,125m Term Loan B due March 2024.

The Group intends to enter into hedging arrangements in respect of the New Loans and details of these will be disclosed in due course.

When the New Loans have been funded and the March 2024 loan repaid, Entain's borrowings will be as follows:

Type of debt	Quantum	Date of issue/closing	Maturity	Interest rate
Bonds	£400m	08-Nov-2016	08-Sep-20234	5.125% fixed
Term Loan B	$1,125m6,7	29-Jul-2021	29-Mar-2027	LIBOR+2.50%2
€800m	January 2023	30-Jun-2028	EURIBOR + 3.75%
$1,375m6	31-Oct-2022 ($1,000m) / January 2023 ($375m)	31-Oct-2029	Term SOFR3 +3.60%2
Revolving Credit Facility	£590m (undrawn)	12-Jul-2021	12-Jul-2026	SONIA5+2.50%2

Notes:

(1)   Subject to a 0% floor

(2)   +/- 25bps if Leverage as defined in the Senior Facilities Agreement dated 7 July 2021 is greater than 3x / less than 2x (and for RCF only, +/- a further 25bps if Leverage is greater than 4x / less than 1.75x)

(3)   Secured Overnight Financing Rate (SOFR), subject to a 0.5% floor

(4)   Can be repaid at par in the 90 days prior to maturity i.e. from 10 June 2023

(5)   SONIA applies for GBP drawings only - other reference rates apply for other currencies, in all cases subject to a 0% floor

(6)   Subject to 1% annual amortisation

(7)   Effectively swapped into EUR via cross-currency swaps

Enquiries:

Investor Relations - Entain plc	investors@entaingroup.com
Media - Entain plc	media@entaingroup.com
Powerscourt Rob Greening/Nick Hayns/Sam Austrums	Tel: +44 (0) 20 7250 1446 entain@powerscourt-group.com

About Entain plc

Entain plc (LSE: ENT) is a FTSE100 company and is one of the world's largest sports-betting and gaming groups, operating both online and in the retail sector. The Group owns a comprehensive portfolio of established brands; Sports Brands include bwin, Coral, Crystalbet, Eurobet, Ladbrokes, Neds, Sportingbet and Sports Interaction; Gaming Brands include Foxy Bingo, Gala, GiocoDigitale, Ninja Casino, Optibet, Partypoker and PartyCasino. The Group owns proprietary technology across all its core product verticals and in addition to its B2C operations provides services to a number of third-party customers on a B2B basis.

The Group has a 50/50 joint venture, BetMGM, a leader in sports betting and iGaming in the US. Entain provides the technology and capabilities which power BetMGM as well as exclusive games and products, specially developed at its in-house gaming studios. The Group is tax resident in the UK, operating in over 40 regulated or regulating territories. Entain is a leader in ESG, a member of FTSE4Good, the DJSI and is AA rated by MSCI. The Group has set a science-based target, committing to be carbon net zero by 2035 and through the Entain Foundation supports a variety of initiatives, focusing on safer gambling, grassroots sport, diversity in technology and community projects. For more information see the Group's website: www.entaingroup.com

LEI: 213800GNI3K45LQR8L28

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

MSCTFBATMTIMMIT