Entain plc
("Entain" or the "Group")

Successful repricing of Term Loans and £600m equivalent add-on
Net debt neutral financing actions

Entain plc (LSE: ENT), the global sports betting and gaming group, announces the successful repricing of two of its existing Term Loan B loans, and the pricing and allocation of fungible add-ons to those loans as follows:

USD term loan maturing October 2029

  • Successful re-pricing of the existing $1,740m1 loan with the margin reduced by 75bps to 275bps2. The credit adjustment spread of 10bps was also removed
  • Additional $500m (c£400m) fully fungible add on with the same revised margin of 275bps2 over Term SOFR3, and allocated at an original issue discount of 99.875

EUR term loan maturing June 2028

  • Successful re-pricing of the existing €1,030m loan with the margin reduced by 50bps to 325bps2
  • Additional €235m (c£200m) fully fungible add on with the same revised margin of 325bps2 over EURIBOR4, and allocated at an original issue discount of 99.75

The add-ons will fund in mid-May 2024 and will both be swapped to GBP. Of these net proceeds £300m will be used to immediately repay the bank loan borrowed in Q1 2024, with the remaining c£295m net proceeds (after fees) available as incremental liquidity. As a result of this financing, the Group expects to minimise drawings under the RCF during the remainder of the financial year.

These refinancing actions are net debt neutral, improve the Group’s liquidity by c£295m, and extend the maturity date of the Group’s debt (replacing the bank loan due 2026 with term loans due 2028/2029).

The net impact of the re-pricing and add-on does not change the previously guided5 cash interest costs for the current financial year. However, with economic forecasts indicating a slower rate of interest rate reduction, we are taking a more conservative view of interest costs for the balance of the year. As a result, our revised guidance for cash interest for FY24 is now c£265m5. The P&L interest charge, adjusting for IFRS16 interest and fee amortisation6, is expected to be c£285m. 


  1. The outstanding principal amount under Facility B2 (USD) as at today’s date (and prior to the add-on) is USD1,740m
  2. +/- 25bps if Leverage, as defined in the Senior Facilities Agreement dated 7 July 2021, is greater than 3x / less than 2x
  3. Secured Overnight Financing Rate (SOFR), subject to a 0.5% floor
  4. Subject to a 0% floor
  5. Guidance on 07 March 2024 was £255m cash interest costs on debt
  6. The write-off of unamortised capitalised fees from original debt issuance results in lower than previously expected fee amortisation and a one-off non-cash interest expense of £50m in separately disclosed items



Investor Relations - Entain plc

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Media - Entain plc

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Rob Greening/Russ Lynch/Sam Austrums

Tel: +44 (0) 20 7250 1446

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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 BetCity, bwin, Coral, Crystalbet, Eurobet, Ladbrokes, Neds, Sportingbet, Sports Interaction, STS, SuperSport and TAB NZ; 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 and is the only global operator to exclusively operate in domestically regulated or regulating markets operating in over 30 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