Flutter Entertainment Prices $1 Billion Senior Secured Notes Offering
Why we think this is good
The RNS announcement details the pricing of $1,000 million aggregate principal amount of 5.875% senior secured notes due 2031, €550 million aggregate principal amount of 4.000% senior secured notes due 2031, and £450 million aggregate principal amount of 6.125% senior secured notes due 2031. This appears to be a firm financing agreement, which is a positive factor. The proceeds will be used to repay the bridge facility used for the Snaitech acquisition and for general corporate purposes, strengthening the company's financial position. However, this is not a transformational event or a profit upgrade, so the maximum sentiment score is 'good'.
Key Points
- Pricing of $1,000 million 5.875% senior secured notes due 2031
- Pricing of €550 million 4.000% senior secured notes due 2031
- Pricing of £450 million 6.125% senior secured notes due 2031
- Proceeds to be used to repay bridge facility and for general corporate purposes
Summary
Flutter Entertainment plc (FLTR) has announced the pricing of $1,000 million aggregate principal amount of 5.875% senior secured notes due 2031, €550 million aggregate principal amount of 4.000% senior secured notes due 2031, and £450 million aggregate principal amount of 6.125% senior secured notes due 2031. The proceeds will be used to repay the bridge facility used for the Snaitech acquisition and for general corporate purposes. The offering is subject to customary closing conditions, and settlement is expected to occur on or around June 4, 2025.