By Adria Calatayud
Flutter Entertainment PLC said Monday that it has completed a debt refinancing that will reduce its cost of debt and provide it with additional liquidity.
The Dublin-based betting and gambling company estimates the transaction will result in interest savings of around 50 million pounds ($68.8 million) a year, based on its debt position at the end of 2020.
The company said the transaction includes a repricing and upsizing of its existing term loan B facility by $1.5 billion, an imminent repayment of $1 billion of senior unsecured notes and a net increase in available liquidity of GBP250 million.
Flutter said it received strong support for the transaction with a material number of new lenders which supported more than a quarter of the order book.
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(END) Dow Jones Newswires