Flutter Entertainment PLC Completes Repricing of 2030 Term Loan
Flutter Entertainment (NYSE:FLUT), the world's leading online sports betting and iGaming operator, has successfully completed a repricing of its Term Loan B worth approximately $3.885 billion. The loan, issued in November 2023 and due in 2030, will now have its interest rate reduced by 25 basis points from SOFR plus 2.00% to SOFR plus 1.75%. This proactive financial move is expected to generate annual interest expense savings of approximately $10 million. The loan's maturity terms remain unchanged.
Flutter Entertainment (NYSE:FLUT), il principale operatore mondale nel settore delle scommesse sportive online e dei giochi d'azzardo, ha completato con successo una ristrutturazione del suo Term Loan B del valore di circa $3.885 miliardi. Il prestito, emesso a novembre 2023 e in scadenza nel 2030, avrà ora il tasso d'interesse ridotto di 25 punti base, passando da SOFR più 2,00% a SOFR più 1,75%. Questa mossa finanziaria proattiva dovrebbe generare un risparmio annuale sui costi di interesse di circa $10 milioni. I termini di scadenza del prestito rimangono invariati.
Flutter Entertainment (NYSE:FLUT), el principal operador mundial en apuestas deportivas en línea y juegos de azar, ha completado con éxito una reestructuración de su Term Loan B por un valor aproximado de $3.885 mil millones. El préstamo, emitido en noviembre de 2023 y con vencimiento en 2030, ahora tendrá su tasa de interés reducida en 25 puntos básicos, de SOFR más 2.00% a SOFR más 1.75%. Este movimiento financiero proactivo se espera que genere ahorros anuales en gastos de intereses de aproximadamente $10 millones. Los términos de vencimiento del préstamo permanecen sin cambios.
Flutter Entertainment (NYSE:FLUT), 세계적인 온라인 스포츠 베팅 및 iGaming 운영 기업이 약 38억 8500만 달러 규모의 Term Loan B의 금리를 성공적으로 조정했습니다. 이 대출은 2023년 11월에 발행되었으며 2030년 만기입니다. 이제 금리는 SOFR 플러스 2.00%에서 SOFR 플러스 1.75%로 25bp 인하됩니다. 이 선제적인 재정 조치는 연간 약 1000만 달러의 이자 비용 절감을 예상하고 있습니다. 대출의 만기 조건은 변경되지 않습니다.
Flutter Entertainment (NYSE:FLUT), le principal opérateur mondial de paris sportifs en ligne et de jeux d'argent, a réussi à restructurer son Term Loan B d'une valeur d'environ 3,885 milliards de dollars. Ce prêt, émis en novembre 2023 et échéant en 2030, verra désormais son taux d'intérêt réduit de 25 points de base, passant de SOFR plus 2,00 % à SOFR plus 1,75 %. Cette initiative financière proactive devrait engendrer des économies annuelles d'environ 10 millions de dollars sur les frais d'intérêt. Les conditions d'échéance du prêt restent inchangées.
Flutter Entertainment (NYSE:FLUT), der weltweit führende Anbieter von Online-Sportwetten und iGaming, hat erfolgreich eine Umschuldung seines Term Loan B in Höhe von etwa 3,885 Milliarden Dollar abgeschlossen. Das Darlehen, das im November 2023 ausgegeben wurde und 2030 fällig ist, wird nun um 25 Basispunkte von SOFR plus 2,00% auf SOFR plus 1,75% gesenkt. Diese proaktive finanzielle Maßnahme wird voraussichtlich jährliche Zinseinsparungen von etwa 10 Millionen Dollar generieren. Die Laufzeitbedingungen des Darlehens bleiben unverändert.
- Interest rate reduction of 25 basis points on $3.885B Term Loan
- Expected annual interest expense savings of $10 million
- Successful debt refinancing demonstrates strong financial management
- None.
Insights
Flutter Entertainment's successful repricing of its
The timing of this repricing is particularly advantageous given the current interest rate environment. With no changes to the loan's 2030 maturity, Flutter maintains its long-term debt structure while reducing carrying costs. This move enhances Flutter's financial flexibility and frees up additional capital that can be reinvested in growth initiatives or returned to shareholders.
For retail investors: Think of this like refinancing a mortgage at a lower rate - you keep the same house (loan amount) and payment term, but pay less in monthly interest. This improvement in Flutter's cost of capital, while modest in percentage terms, adds up to significant savings given the large loan size.
DUBLIN, IRELAND and TORONTO, ON and NEW YORK, NY / ACCESSWIRE / December 19, 2024 / Flutter Entertainment (NYSE:FLUT)(LSE:FLTR) ("Flutter"), the world's leading online sports betting and iGaming operator today announces that it has successfully completed a repricing of approximately
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements reflect our current expectations as to future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. These statements include, but are not limited, to statements related to our expectations regarding the performance of our business, our financial results, our operations, our liquidity and capital resources, the conditions in our industry and our growth strategy. In some cases, you can identify these forward-looking statements by the use of words such as "outlook", "believe(s)", "expect(s)", "potential", "continue(s)", "may", "will", "should", "could", "would", "seek(s)", "predict(s)", "intend(s)", "trends", "plan(s)", "estimate(s)", "anticipates", "projection", "goal", "target", "aspire", "will likely result", and or the negative version of these words or other comparable words of a future or forward-looking nature. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Such factors include, among others: Flutter's ability to effectively compete in the global entertainment and gaming industries; Flutter's ability to retain existing customers and to successfully acquire new customers; Flutter's ability to develop new product offerings; Flutter's ability to successfully acquire and integrate new businesses; Flutter's ability to maintain relationships with third-parties; Flutter's ability to maintain its reputation; public sentiment towards online betting and iGaming generally; the potential impact of general economic conditions, including inflation, fluctuating interest rates and instability in the banking system, on Flutter's liquidity, operations and personnel; Flutter's ability to obtain and maintain licenses with gaming authorities, adverse changes to the regulation (including taxation) of online betting and iGaming; the failure of additional jurisdictions to legalize and regulate online betting and iGaming; Flutter's ability to comply with complex, varied and evolving U.S. and international laws and regulations relating to its business; Flutter's ability to raise financing in the future; Flutter's success in retaining or recruiting officers, key employees or directors; litigation and the ability to adequately protect Flutter's intellectual property rights; the impact of data security breaches or cyber-attacks on Flutter's systems; and Flutter's ability to remediate material weaknesses in its internal control over financial reporting.
Additional factors that could cause the Company's results to differ materially from those described in the forward-looking statements can be found in Part I, "Item 1A. Risk Factors" of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023 as filed with the SEC on March 26, 2024 and other periodic filings with the SEC, which are accessible on the SEC's website at www.sec.gov. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in the Company's filings with the SEC. The Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.
About Flutter Entertainment plc
Flutter is the world's leading online sports betting and iGaming operator, with a market leading position in the US and across the world. Our ambition is to leverage our significant scale and our challenger mindset to change our industry for the better. By Changing the Game, we believe we can deliver long-term growth while promoting a positive, sustainable future for all our stakeholders. We are well-placed to do so through the distinctive, global competitive advantages of the Flutter Edge, which gives our brands access to group-wide benefits to stay ahead of the competition, as well as our clear vision for sustainability through our Positive Impact Plan.
Flutter operates a diverse portfolio of leading online sports betting and iGaming brands including FanDuel, Sky Betting & Gaming, Sportsbet, PokerStars, Paddy Power, Sisal, tombola, Betfair, MaxBet, Junglee Games and Adjarabet. We are the industry leader with
Contacts:
Investor Relations: | Media Relations: |
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 .
SOURCE: Flutter Entertainment PLC
View the original press release on accesswire.com
FAQ
How much will Flutter Entertainment (FLUT) save annually from the 2030 Term Loan repricing?
What is the new interest rate for Flutter Entertainment's (FLUT) 2030 Term Loan?
What is the size of Flutter Entertainment's (FLUT) repriced Term Loan B?
When does Flutter Entertainment's (FLUT) repriced Term Loan mature?
